Wednesday, March 29, 2023

It's all about technology

Twitter is suffering financially, and Tesla is no better off, and Musk’s team is looking for a way to save him

Ross Gerber, President, and CEO of Gerber Kawasaki Wealth & Investment Management said that one of Musk’s representatives contacted him about offering more Twitter shares at the same price ($ 54.20), which is the price That Musk pushed to take the company privately held last October.

On Friday, media reported, citing two people familiar with the fundraising efforts, that Jared Birchall, managing director of Elon Musk’s family office, reached out to potential investors last week.

Twitter has seen many advertisers flee amid concerns about Musk’s approach to censoring tweets, and doubts about his ability to pay interest on the $13 billion in debt that Musk took to buy the social media company.

Musk had sold another $3.6 billion worth of shares in his other company, Tesla, earlier last week, bringing the value of shares sold by the electric car company this year to about $40 billion.

On Friday, Tesla shares recorded their worst weekly loss since March 2020, with investors growing concerned about Musk being distracted by Twitter and the global economic slowdown.

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