Elon Musk’s team is looking for more money for Twitter.
One of the investors said that Elon Musk’s team has reached out to investors to get more money for Twitter, which is having trouble making money.
Ross Gerber, president, and CEO of Gerber Kawasaki Wealth & Investment Management, told Reuters that he was contacted by a Musk representative about selling more shares at the same price, $54.20, that Musk paid to take the company private in October.
The managing director of Elon Musk’s family office, Jared Birchall, reached out to potential investors this week, two people familiar with the fundraising effort told the news site Semafor on Friday.
Reuters asked Twitter and Musk for comments, but they didn’t give any.
Advertisers are leaving Twitter because they are worried about how Musk will police tweets. This hurts Twitter’s revenue and its ability to pay the interest on the $13 billion debt Musk took on to buy the social media company.
Musk sold another $3.6 billion worth of Tesla (NASDAQ:TSLA) shares earlier this week. This brings the total number of Tesla shares sold this year to nearly $40 billion.
Related: PayPal has turned into a Black Mirror episode, starring Elon Musk.
Friday was the worst week for Tesla shares since March 2020. Investors are getting more worried that Musk will be distracted by Twitter and the slowing economies around the world.