Elon Musk asks Twitter investors for more money

[LetMyPeopleVote]

Musk is making a capital call to fund the operating losses at Twitter

Link to tweet

https://www.axios.com/2022/12/16/elon-musk-twitter-new-investor

Elon Musk is asking Twitter investors to dig deeper into their pockets, as he seeks to make the social media company financially viable.

Driving the news: Musk, via his family office, this week privately offered to sell additional equity at the same $44 billion valuation that he's essentially admitted was an overpay.

The news was first reported by Semafor and confirmed to Axios by an investor who received the letter.
Musk has not said how much new capital he's seeking to raise, nor provided investors with financial updates on the company.
His original takeover was partially funded by outside investors like Andreessen Horowitz, Sequoia Capital, Fidelity, and Oracle founder Larry Ellison. Several large Twitter investors also rolled over their equity stakes, including company co-founder Jack Dorsey and Saudi Arabia's Kingdom Holding Company.
Twitter no longer has a communications team or other spokespeople for Axios to contact for comment.

Flashback: Earlier this week, Musk sold around $3.58 billion of Tesla stock, despite having repeatedly pledged earlier this year not to do so.

[LetMyPeopleVote]

1. Elon Musk's team seeks new investors for Twitter

Link to tweet

https://finance.yahoo.com/news/elon-musks-team-seeks-investors-214528259.html

- The managing director of Elon Musk's family office is seeking new equity investors for Twitter, news platform Semafor reported on Friday, citing two people familiar with the fundraising effort.

Musk's money manager, Jared Birchall, reached out to potential investors this week, offering shares of Twitter at the same price, $54.20, that Musk paid to take the company private in October, according to the report.

Twitter and Musk did not immediately respond to Reuters requests for comments.

Musk sold another $3.6 billion worth of shares in Tesla Inc earlier this week, making it nearly $40 billion worth of shares in the electric-vehicle company sold this year.

The sale is the second big chunk of Tesla stock the billionaire has cashed out since his $44 billion purchase of Twitter in October, despite saying in April that he was done selling the electric-vehicle company's shares.

Meanwhile, Twitter has seen advertisers flee amid worries about Musk's approach to policing tweets, hitting revenues and its ability to pay interest on the $13 billion debt that Musk took on to buy the social media company.

[Ocelot II]

2. Twitter is turning out to be a white elephant.

[dchill]

3. ...white supremacist elephant! 🐘

[Cha]

8. Boom nt

[Clash City Rocker]

4. He could always sell badly-drawn digital NFTs of himself

I hear those can be very profitable.

[jmowreader]

12. The sad part of your suggestion is people would buy them

There are people who worship the ground Elon Musk walks on. They would flock to an NFT offering of this nature like buzzards to Trump's corpse.

[dutch777]

14. My thoughts exactly!

He has no shame and plenty of ego and little to offer...just like that other guy.

[dweller]

5. Well, let that sink in ...

Sink into his sinkhole



✌🏻

[magicarpet]

6. The blue tweeting albatross around the neck of a white supremacist.

[Cha]

7. lol.. what happened to the 2nd

Richest idiot in the world?

[2naSalit]

9. Good luck with that, clown...

Maybe if he hadn't checked in and promptly shit all over the place for two months first he might have a better chance at fundraising.

[sheshe2]

11. This

[LetMyPeopleVote]

10. Musk may have gone to World Cup for funding

Link to tweet

[Happy Hoosier]

13. Anyone who pours money into this...

Is a damned fool. I think there is no way Musk can make this company profitable at this point.