Interesting to see that Twitter is now trying to raise more money.
Quote:
|
The head of Elon Musk’s family office has approached investors who helped the billionaire buy Twitter for $44bn in October to try and raise new funds as the social media company continues to bleed cash and faces heavy interest payments on its debts.
|
There are two schools of thought on what the money is for:
Quote:
“Everything has been done haphazardly and roughly,” said investment adviser Ross Gerber, who invested in the Twitter deal in October and confirmed he had received the latest offer. “They’re doing it because they’re out of money. I don’t think [Musk] expected such a big drop in revenue.”
A second person whose firm received the offer said Musk had indicated the new capital would be used to fund an expansion of its business, including a “hiring spree” of programmers to build a “super app” that could process payments, among other services.
|
https://www.ft.com/content/bb047c8f-...b-50d0494c8c48
It's also interesting to note Musk's share sales in Tesla. In April, he said he would not sell more stock in the company. This week, he sold $3.6bn in Tesla.
https://www.bbc.com/news/business-63981767
I think Musk is learning what Truss and Kwarteng learnt the hard way: that business (in his case, advertisers) doesn't like uncertainty and Twitter under Musk is delivering uncertainty by the car load!