16 December (Portal) – Elon Musk’s team has approached investors to raise new funds for its ailing social media platform Twitter, one of the investors said.
Ross Gerber, president and CEO of Gerber Kawasaki Wealth & Investment Management, told Portal that he was contacted by a Musk representative to offer more shares at the same price of $54.20 that Musk offered to take the company private paid in October.
Jared Birchall, the chief executive of Elon Musk’s family office, reached out to potential investors this week, news outlet Semafor reported on Friday, citing two people familiar with the fundraiser.
Twitter and Musk did not respond to Portal requests for comment.
Twitter has seen advertisers bailed out of concerns about Musk’s approach to monitoring tweets, lost revenue and his ability to pay interest on the $13 billion debt Musk assumed to buy the social media company , escape.
Musk sold an additional $3.6 billion in Tesla earlier this week, accounting for nearly $40 billion of shares in the electric vehicle company sold this year.
Tesla shares posted their worst weekly loss since March 2020 on Friday, with investors growing concerned that Musk is being distracted by Twitter and the slowing global economy.
Reporting by Hyunjoo Jin in San Francisco, Priyamvada C in Bengaluru; Edited by Shounak Dasgupta and Michael Perry
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