Musk seeking new Twitter investors, at price he paid for company - report
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Elon Musk is still on the hunt for new equity investors in Twitter (TWTR), Semafor reports, amid claims that he's trying to turn the company's revenues around, and with some newly hefty debt payments in its future.
The manager of Musk's family office, Jared Birchall, is looking to draw new investors in at the same $54.20 per share price that Musk paid to acquire the company, according to the report.
âOver recent weeks weâve received numerous inbound requests to invest in Twitter,â Birchall's solicitation read, according to Semafor. âAccordingly, we are pleased to announce a follow-on equity offering for common shares at the original price and terms, targeting a year-end close.â
On Twitter's behalf, Musk assumed some $13B in debt - which will add up to about $1B annually in debt service - when he closed on an acquisition of the social-media company at a $44B valuation.
The news comes as Twitter's cash crunch is the likely cause for yet another of Musk's sales of billions of dollars in Tesla stock (NASDAQ:TSLA) after repeatedly saying this year he was "done" selling Tesla - most recently, a disclosure this week that he sold nearly $3.58B more. Tesla stock fell another 4.7% Friday as some more notable investors pushed for a CEO succession plan.