Elon Musk rejects report that he is exploring raising up to $3B to help pay Twitter debt By Investing.com

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Elon Musk rejects report that he is exploring raising up to $3B to help pay Twitter debt

Stock Markets Jan 25, 2023 01:37PM ET

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Elon Musk rejects report that he is exploring raising up to $3B to help pay Twitter debt

By Sam Boughedda

The Wall Street Journal claimed Wednesday that Elon Musk and his team are weighing up whether to use up to $3 billion in potential new fundraising to repay a portion of the $13B Twitter debt, but Musk himself denied the claims in a tweet.

The report states that sources revealed that in December, Musk's representatives discussed potentially selling as much as $3B in new Twitter shares.

It adds that Musk's team told people familiar with the finances of the company that an equity raise, if successful, could be used to pay down an unsecured part of the debt.

However, in a swift dismissal of the report, Musk responded to a user on Twitter who posted a picture of the news, writing "no."

The WSJ had written in the report that in mid-December, Musk's team spoke to existing backers about raising new equity capital at the original Twitter takeover price.

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