Wall Street’s top investment banks that stand to lose lucrative fees from Elon Musk abandoning his $44 billion acquisition of Twitter Inc. hope the start-ups backed by the world’s richest person will make up for the lost business.
Musk has been one of Wall Street’s biggest patrons, doling out nearly $500 million in fees to investment banks such as Goldman Sachs Group Inc. and Morgan Stanley since 2000, mostly for work on Tesla Inc., according to an estimate by Refinitiv.
