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Things aren't going well for the company. There are legal problems, such as a possible class-action suit over how Musk conducted layoffs, an ongoing exodus of users, and advertisers vanishing. Musk is being accused of spending too much time on social media.
NurPhoto The social media giant is looking for new investors and is offering the same price as when Musk bought it. According to the report, Birchall has reached out to potential investors this week.
In an email to potential investors, Birchall said they are pleased to announce a follow on equity offering for common shares at the original price and terms.
This comes after the news that Musk sold 22 millionTesla shares for $4 billion, the second time he's sold off a portion of his holdings in the EV manufacturers since he bought the site.
The news on Friday was about Musk's concerns about a stalker and the suspension of several journalists who have covered him for years.
The Federal Trade Commission is likely to scrutinize the blocking of links to rival social site Mastodon.
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