Elon Musk's team seeks new funding for Twitter - investor


FILE PHOTO: An image of Elon Musk is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Elon Musk’s team has reached out to investors to raise new funds for his struggling social media platform Twitter, one of the investors said.

Ross Gerber, president and CEO at Gerber Kawasaki Wealth & Investment Management, told Reuters that he was contacted by a Musk representative about offering more shares at the same price, $54.20, that Musk paid to take the company private in October.

Jared Birchall, the managing director of Elon Musk's family office reached out to potential investors this week, news platform Semafor reported on Friday, citing two people familiar with the fundraising effort.

Twitter and Musk did not respond to Reuters requests for comments.

Twitter has seen advertisers flee amid worries about Musk's approach to policing tweets, hitting revenues and its ability to pay interest on the $13 billion debt that Musk took on to buy the social media company.

Musk sold another $3.6 billion worth of shares in Tesla earlier this week, making it nearly $40 billion worth of shares in the electric-vehicle company sold this year.

Tesla shares on Friday posted their worst weekly loss since March 2020, with investors increasingly concerned about Musk being distracted by Twitter and the slowing global economy.

(Reporting by Hyunjoo Jin in San Francisco, Priyamvada C in Bengaluru; Editing by Shounak Dasgupta and Michael Perry)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Tech News

Single and looking for love in Terengganu? The state govt is working on a dating app just for you
A game designer who wants to see ideas he’ll hate
Company aims to offer 30-minute luxury tours in passenger drones high above Hong Kong
Nintendo’s next console will play current Switch games
Nintendo chief insists the Switch momentum will keep going, even after its successor
Germany's TeamViewer trims revenue forecast on FX headwinds
South Korea fines Meta US$15mil for illegally collecting information on Facebook users
China influencer adopts pig feed diet costing 40 US cents to save money, raising health concerns
Elon Musk is sued over US$1mil election giveaway
Researchers: Meta struggles to curb hate speech before US vote

Others Also Read