The managing director of Elon Musk’s family office is looking for new equity investors on Twitter, news platform Semafor reported on Friday, citing two people aware of the fundraising.
Musk’s financial manager, Jared Birchall, reached out to potential investors this week, offering Twitter shares at the identical price, $54.20, that Musk paid to accumulate the corporate in October, In accordance with the report.
Twitter and Musk didn’t immediately reply to Reuters’ requests for comment.
Musk sold one other $3.6 billion value of Tesla shares earlier this week, bringing his nearly $40 billion stake in the electrical vehicle company sold this 12 months.
The sale is the second big chunk of Tesla stock the billionaire has paid out since buying Twitter for $44 billion in October, despite the fact that he said in April he had finished selling shares in the electrical vehicle company.
Meanwhile, Twitter has seen advertisers flee in fear of Musk’s handling of police tweets, revenue hits, and his ability to pay interest on the $13 billion debt Musk took to purchase the social media company.
Tesla investor Ross Gerber, who said he invested lower than $1 million in Musk’s original acquisition of Twitter, confirmed he was contacted Thursday night about one other round of funding, Semafor reported.