Facebook-parent Meta Platforms Inc said on Tuesday that it had raised $10 billion in its first-ever bond offering. The company is looking to fund share buybacks and investments to revamp its business model.
The offering will help Meta fund some expensive programmes, such as its metaverse virtual reality. The company is the only one among the big tech firms with debt on its books.
Other tech behemoths such as Apple Inc and Intel Corp also issued bonds recently. The firms raised $5.5 billion and $6 billion, respectively.
In late July, Meta reported a gloomy forecast and recorded its first-ever quarterly drop in revenue, with recession fears and competitive pressures weighing on its digital ads sales, reported Reuters.
