Meta raises $10 billion through bond offering
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Meta Platforms (described as extremist and banned in Russia) raised $10 billion in its first-ever bond issue, reports Reuters.
Meta was one of the only major tech companies to still not issue bonds. Mark Zuckerberg’s company took this step to build up a stockpile of funds needed to buy back shares, as well as invest in new products.
Earlier, other US technology giants Apple and Intel issued their own bonds, which managed to raise $5.5 billion and $6 billion, respectively.
At the end of July Meta reported about the first drop in revenue in its history. In the second quarter, the company’s revenues decreased by 1%, amounting to $28.8 billion. Among the reasons are growing competition with other platforms, a slowdown in the economy and growth in the number of users.
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