The managing director of Elon Musk’s family office is looking for new equity investors for Twitter, according to news platform Semafor, citing two people familiar with the fundraising effort.
According to the report, Musk’s money manager, Jared Birchall, reached out to potential investors this week, offering shares of Twitter for the same price, $54.20, that Musk paid to take the company private in October.
Twitter and Musk did not immediately reply to Reuters’ requests for comment.
Musk sold another $3.6 billion in Tesla Inc shares earlier this week, bringing the total amount of Tesla Inc shares sold this year to nearly $40 billion.
Despite saying in April that he was done selling Tesla shares, the billionaire has sold a second large chunk of Tesla stock since his $44 billion purchase of Twitter in October.
Meanwhile, advertisers have fled Twitter due to concerns about Musk’s approach to policing tweets, reducing revenue and the company’s ability to pay interest on the $13 billion debt that Musk took on to acquire the social media company.
According to Semafor, Ross Gerber, a Tesla investor who said he put less than $1 million into Musk’s original takeover of Twitter, was contacted Thursday evening about another funding round.
