Elon Musk purchased Twitter on Oct. 27 and while it’s been less than two since he bought the social media platform for $44 billion, a report from Semafor reveals that the Tesla CEO is looking for investors.
According to the reporting, a managing director of Musk’s family office is seeking new equity investors for Twitter as some companies, for the very least, put a pause on their advertising on the platform and debt payments looming.
“Over recent weeks we’ve received numerous inbound requests to invest in Twitter,” Musk’s money manager, Jared Birchall, wrote to investors in an email, which Semafor reviewed. “Accordingly, we are pleased to announce a follow-on equity offering for common shares at the original price and terms, targeting a year-end close.”
Birchall reached out to possible investors this past week, proposing shares of Twitter at the exact cost, $54.20, that Musk paid to take the company private in October.
“One could argue he has created value or destroyed value at Twitter. It’s hard to tell at this point,” Ross Gerber, a Tesla investor, said he’s considering investing in Twitter but wants a clearer idea of the plan.
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
