Elon Musk's Twitter To Seek New Investors At $44 Billion Valuation

Twitter is seeking new equity investors, offering shares of the now-private company to potential investors at $54.20 per share, the same amount Elon Musk paid for the business.

What Happened: As advertisers leave and debt looms over the microblogging platform, Jared Birchall, managing director of Musk's family office, has begun contacting possible investors this week to raise money for the company at the buyout valuation of $44 billion.

“Over recent weeks we’ve received numerous inbound requests to invest in Twitter,” correspondence written by Musk’s family office said, according to Semafor, which initially reported on the development.

“Accordingly, we are pleased to announce a follow-on equity offering for common shares at the original price and terms, targeting a year-end close,” Musk's family office continued.

This week, Musk sold more Tesla Inc TSLA shares worth $3.6 billion, presumably to increase Twitter's equity and reduce its debt. The Tesla and Twitter CEO has not publicly acknowledged the company's efforts to raise more capital.

Investors have not been given updated financials, according to Axios' Dan Primack.

This is a developing story.

Photo: kovop58 via Shutterstock