Mr. Musk is requiring Wall Street firms to purchase subscriptions to his A.I. chatbot if they want to advise on one of the largest initial…

Investors are concerned about the health of the industry, which ballooned over the past decade.

The private lender’s announcement that investors would no longer be able to make redemptions quarterly prompted fresh worries about the private credit industry.

The move would be the Wall Street firm’s latest retreat from diversity mandates that its chief executive, David Solomon, had once made a priority.