According to Reuters and News.ro, Elon Musk’s team has reached out to investors to secure new funding for his social media platform Twitter.
Ross Gerber, president and CEO of Gerber Kawasaki Wealth & Investment Management, told Reuters he had been contacted by Musk’s representative to offer more shares at the same price as the $54.20 Musk paid in October to acquire the company.
Jared Birchall, managing director of Elon Musk’s family office, approached potential investors this week, news platform Semafor reported on Friday, citing two people familiar with the fundraising.
Twitter and Musk did not respond to Reuters’ request for comment.
Twitter has faced an exodus of advertisers amid concerns over Musk’s approach to policing tweets, which has hurt revenue and the company’s ability to pay interest on $13 billion in debt, prompting Musk to commit to buying the social media company.
Earlier this week, Musk also sold $3.6 billion worth of Tesla stock, bringing the electric car company’s share sales this year to nearly $40 billion.
Source: Hot News
Mary Robinson is a renowned journalist in the field of Automobile. She currently works as a writer at 247 news reel. With a keen eye for detail and a passion for all things Automotive, Mary’s writing provides readers with in-depth analysis and unique perspectives on the latest developments in the field.