Elon Musk is looking for investors to buy shares of Twitter for the same price he paid

Things are not going well for Twitter or its new owner these days. There are legal issues, such as a possible class action lawsuit over how owner Elon Musk led to layoffs, an ongoing Exodus from users, unpaid rent and other bills, and advertisers to disappear. Not to mention Tesla investors tweeting complaints that Musk spends too much time on, well, tweeting.

Semaphore reports that the social media giant is looking for new investors and is offering shares for $54.20, the same amount Elon Musk paid when he bought Twitter on October 27, 2022 for $44 billion. “looking forward to potential investors this week.”

In an email to potential investors, Birchall reportedly said they have received “numerous incoming requests to invest in Twitter” and are “excited to announce a follow-on common stock offering at the original price and terms, targeting a year-end close. .”

This comes on the heels of news that Musk sold 22 million shares of Tesla for nearly $4 billion this week, the second time he’s sold some of his stakes in the EV makers since buying the site.

On Friday, however, the news wasn’t about Musk or Twitter seeking fresh cash injections — it was about his concerns about a possible stalker and short-term suspensions of several well-known journalists who have covered the billionaire for years.

In addition to all these challenges, Twitter’s blocking of links to rival social site Mastodon could eventually lead unwelcome scrutiny from the Federal Trade Commission.