Meta raises $10 billion in first bond offering
Facebook-parent Meta Platforms Inc said Tuesday it has raised $10 billion in its first bond offering, as it seeks to fund share buybacks and investments to improve its business.
The offering will help Meta, which is the only company among large technology companies with no debt on its books, and will help build a more traditional balance sheet and fund some costly initiatives, such as its Metaverse. Virtual Reality.
Other tech giants such as Apple Inc. and Intel Corp. also recently issued bonds, raising $5.5 billion and $6 billion, respectively.
In late July, Meta posted a disappointing forecast and reported a decline in revenue in its first quarter, due to recession fears and competitive pressures impacting sales of its digital ads.