According to one of the investors, Elon Musk’s team has contacted investors to try and raise additional capital for his faltering social networking service Twitter. A representative of Elon Musk called Ross Gerber, president and CEO of Gerber Kawasaki Wealth & Investment Management, according to Reuters, about offering additional shares at the same price, $54.20, that Mr. Musk paid to take the business private in October.
Jared Birchall, the managing director of Elon Musk’s family office, reached out to potential investors this week, news platform Semafor reported on Friday, citing two people familiar with the fundraising effort.
Twitter and Mr Musk did not respond to requests for comments.
Twitter has seen advertisers flee amid worries about Mr Musk’s approach to policing tweets, hitting revenues and its ability to pay interest on the $13 billion debt that he took on to buy the social media company.
Mr Musk sold another $3.6 billion worth of shares in Tesla earlier this week, making it nearly $40 billion worth of shares in the electric-vehicle company sold this year.
Tesla shares on Friday posted their worst weekly loss since March 2020, with investors increasingly concerned about Mr Musk being distracted by Twitter and the slowing global economy.
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