Twitter is asking for funds from investors

Elon Musk’s team has applied for additional funding to raise new funds for struggling Twitter, one of the investors said.

Ross Gerber, President and Chief Executive Officer of Gerber Kawasaki Wealth & Investment Management, reported to Reuters that he had been contacted by Musk’s representative to buy back more shares at the same price, $54.20, that Musk paid to take the company private in October.

Jared Birchall, managing director of Elon Musk’s family office, reached out to potential investors this week.

Twitter is now seeing an exodus of advertisers amid concerns about Musk’s approach to controlling the company, which is struggling with revenue and its ability to pay interest on the $13 billion in debt Musk took on to buy the social network.