California, Dec. 17 (BNA): Elon Musk’s team has reached out to investors to raise new money for his struggling social platform Twitter, an investor said.
Ross Gerber, president and CEO of Gerber Kawasaki Wealth & Investment Management, told Reuters that a Musk representative approached him about offering more shares at the same price, $54.20, that Musk paid to take the company private in October.
Jared Birchall, managing director of Elon Musk’s family office, reached out to potential investors this week, news platform Semaphore reported Friday, citing two people familiar with the fundraising effort.
Twitter and Musk did not respond to Reuters requests for comment.
Twitter has seen advertisers flee amid concerns about Musk’s approach to censoring tweets, hitting revenue and his ability to pay interest on the $13 billion in debt Musk took out to buy the social media company, Reuters reports.
Musk sold another $3.6 billion worth of shares in Tesla earlier this week, making nearly $40 billion in shares in the electric car company sold this year.
EAE