Parent Company of Facebook
Meta Platforms Inc, the parent company of Facebook, announced on Tuesday that it has raised $10 billion in its first-ever bond offering to fund share buybacks and investments to revitalise its business.
The selling would assist Meta, the only significant technology company without debt, in building a more traditional balance sheet and funding some costly endeavours, such as its metaverse virtual reality.
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Industry Titans Have Also Issued Bonds
Other industry titans, such as Apple Inc and Intel Corp, have also issued bonds, raising $5.5 billion and $6 billion, respectively.
In late July, Meta issued a bleak prognosis and reported its first-ever quarterly revenue loss, blaming recession fears and competitive pressures on digital ad sales.