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Things aren’t going great for Twitter or its new owner these days. There are legal woes, like a possible class-action suit over how owner Elon Musk conducted layoffs, an ongoing exodus of users, unpaid rent and other bills, and advertisers vanishing. Not to mention Tesla investors tweeting complaints that Musk is spending too much time, well, tweeting.
Semafor reports that the social media giant is hunting for new investors, offering shares at $54.20, the same amount Elon Musk paid when he purchased Twitter for $44 billion on October 27, 2022. Semafor’s report indicates that Jared Birchall manages Elon Musk’s family office and has been reaching “out to potential investors this week.”
In an email to potential investors, Birchall reportedly said they have “received numerous inbound requests to invest in Twitter” and “are pleased to announce a follow-on equity offering for common shares at the original price and terms, targeting a year-end close.”
This comes after the news that Musk sold 22 million Tesla shares for nearly $4 billion this week, the second time he’s sold off a chunk of his holdings in the EV manufacturers since he bought the site.
On Friday, however, the news wasn’t about Musk or Twitter seeking new cash infusions — it was about his concerns regarding a possible stalker and summary suspensions of several noted journalists who have covered the billionaire for years.
In addition to all these challenges, Twitter’s blocking of links to rival social site Mastodon could eventually lead to unwelcome scrutiny from the Federal Trade Commission.