Elon Musk's team is reportedly in talks with investors to raise up to $3 billion to repay some of the $13 billion in debt acquired during the buyout of Twitter. The funds could be used to pay down the highest interest rate within the loan package, which would provide financial relief for the struggling social media platform. However, the success of the fundraising efforts is uncertain, as Fidelity, a co-investor in the takeover, wrote down its stake in Twitter by 56% in November. Twitter is facing a difficult financial situation, as they have struggled to keep advertisers on the platform and are incurring $3.4 million in interest-payment obligations every day.
Full Story: HERE (Wall Street Journal)
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Reference:
- https://www.wsj.com/articles/elon-musk-explores-raising-up-to-3-billion-to-pay-off-twitter-debt-11674669412?mod=djemalertNEWS
- https://en.wikipedia.org/wiki/Elon_Musk
- https://en.wikipedia.org/wiki/Fidelity_Investments
- https://twitter.com/home
- https://en.wikipedia.org/wiki/Acquisition_of_Twitter_by_Elon_Musk
- https://www.theverge.com/2023/1/25/23571103/elon-musk-twitter-india-social-media-bbc-documentary-modi-censorship
- https://abcnews.go.com/Business/timeline-elon-musks-tumultuous-twitter-acquisition-attempt/story?id=86611191