Elon Musk is trying to raise up to $3 billion to pay off expensive Twitter debt amid struggles to keep advertisers: WSJ
Elon Musk is looking to line up as much as $3 billion to pay off part of the $13 billion loan package he used to acquire Twitter last year, according to thePer the Journal, the Twitter CEO was in talks with potential backers about selling $3 billion in new shares of the company in December, people familiar with the matter said. The new fund raise could be use to pay down the highest cost, unsecured portion of Twitter's $13 billion debt package.
According to the report, Musk and his advisers were trying to raise the money at the takeover price of $54.20 per share by the end of last year, though prospective investors weren't interested due to Twitter's financial condition. An account tweeted at Musk after the Wall Street Journal report was published on Wednesday, asking if the story was"accurate."
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