The funds raised will help Meta finance the share buyback and provide investments to modernize the business.
Meta Platforms Inc, the parent company of Facebook and Instagram, has raised $10 billion in its maiden bond offering. Reuters reported this on Wednesday, August 10.
With the funds raised, Meta will be able to finance the share buyback and make investments to modernize its business.
The bond offering should help Meta, the only major technology company with no debt, build a more conventional cash balance and fund some expensive initiatives like metaverse’s virtual reality.
The agency points out that other technology companies such as Apple Inc and Intel Corp have also issued bonds recently. They raised $5.5 billion and $6 billion respectively.
It was previously reported that Meta lost $200 billion overnight after the release of quarterly results. The company failed to meet revenue and active user forecasts.
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Source: korrespondent
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