Investors have been approached to purchase stock at the $US54.20 buyout price as the billionaire searches for new funds.
| The head of Elon Musk’s family office has approached investors who helped the billionaire buy Twitter for $US44 billion in October to try and raise new funds as the social media company continues to bleed cash and faces heavy interest payments on its debts.
“Everything has been done haphazardly and roughly,” said investment adviser Ross Gerber, who invested in the Twitter deal in October and confirmed he had received the latest offer. “They’re doing it because they’re out of money. I don’t think [Mr Musk] expected such a big drop in revenue.
A number of high-profile investors wrote big cheques to help fund Mr Musk’s Twitter buyout in exchange for equity stakes, including Sequoia Capital, Andreessen Horowitz, Oracle co-founder Larry Ellison and cryptocurrency exchange Binance.
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