According to two people who are familiar with the fundraising effort, news platform Semafor reported on Friday that the managing director of Elon Musk’s family office is looking for new equity investors for Twitter.
According to the report, Musk’s money manager, Jared Birchall, contacted potential investors this week and offered shares of Twitter for the same price—$54.20—that Musk paid in October to take the company private.
Reuters inquired for comments, but neither Twitter nor Musk responded immediately.
This year, Musk has sold nearly $40 billion worth of shares in the electric vehicle company. This week, he sold another $3.6 billion worth of shares in Tesla Inc.
The deal is the second enormous piece of Tesla stock the very rich person has changed out since his $44 billion acquisition of Twitter in October, in spite of saying in April that he was finished selling the electric-vehicle organization’s portions.
In the meantime, advertisers have left Twitter because they were concerned that Musk’s approach to policing tweets would hurt the company’s revenues and make it less able to pay interest on the $13 billion debt he took on to buy the social media company.
Semafor reported that Tesla investor Ross Gerber, who stated that he invested less than $1 million in Musk’s initial takeover of Twitter, confirmed that he was contacted about another funding round on Thursday evening.