Elon Musk’s team has gone out to investors, according to one of the investors, in order to gain new cash for his struggling social media network Twitter.
According to Ross Gerber, president and CEO of Gerber Kawasaki Wealth & Investment Management, a Musk employee approached him about supplying more shares at the same amount, $54.20, that Musk paid in October to take the company private. Jared Birchall, the managing director of Elon Musk’s family office, reached out to potential investors this week, according to two people familiar with the fundraising drive, according to news portal Semafor. Twitter has seen advertisers depart on concerns about Musk’s approach to regulating posts, reducing income and the business’s capacity to pay interest on the $13 billion loan Musk took on to acquire the social media platform.
Musk sold another $3.6 billion in Tesla stock earlier this week, bringing the total amount of Tesla stock sold this year to above $40 billion.
