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Elon Musk is reportedly seeking investors for Twitter at $54.20 a share — the same price he paid for it

Elon MuskElon Musk.

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  • Musk’s family office is looking for new investors for Twitter, according to Semafor.
  • New shares of Twitter will be sold at $54.20, the same price Musk paid back in October.
  • Musk also sold Tesla shares worth $3.6 billion, according to filings from the SEC.

Twitter appears to be struggling. 

Users are leaving in the platform in droves. Key advertisers are disappearing. And the bills are piling up. 

Now, the company is setting its sights on new investors. According to a report from Semafor, Jared Birchall, the manager for Elon Musk’s family office “reached out to potential investors this week.”

Birchall is apparently offering shares of Twitter to investors for the price of $54.20 a piece, Semafor reported. That’s the same price that Musk paid with his $44 billion takeover of the company in October. 

Since then, he’s made a slew of changes like revamping Twitter Blue, the platform’s subscription tier. He’s laid off significant numbers of workers and is considering not paying severance, according to the New York Times.  He’s tried to impose strict guidelines on working from the office.

In early December, Musk even erected bedrooms in the company’s San Francisco headquarters, seemingly backing his plan to introduce a more “hardcore” culture at Twitter that employees should be working long into the night.

 

 

Read the original article on Business Insider