Elon Musk is seeking new investors for Twitter Inc. at $54.20 a share, the same price he paid when he took the company private for $44 billion in October, according to news site Semafor.
(Bloomberg) — Elon Musk is seeking new investors for Twitter Inc. at $54.20 a share, the same price he paid when he took the company private for $44 billion in October, according to news site Semafor.
The managing director of the billionaire’s family office, Jared Birchall, has been reaching out to potential backers this week, Semafor reported. The news outlet cited a pitch document announcing “a follow-on equity offering for common shares at the original price and terms, targeting a year-end close.” The move followed “numerous” inbound requests to invest in Twitter, the document said.
The fundraising attempt follows a tumultuous stretch at Twitter, where Musk has slashed jobs, upended longstanding policies and reinstated banned accounts. Just this week, the company suspended several journalists that Musk said had put his family in danger by revealing location information about his private plane.
Musk has acknowledged in the past that he paid too much for Twitter but has expressed confidence in its prospects in the long run.
“Obviously, myself and the other investors are obviously overpaying for Twitter right now,” he said on a Tesla Inc. conference call in October. “The long-term potential for Twitter, in my view is, an order of magnitude greater than its current value.”
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
