Meta, the parent company of Facebook, announced that it had raised $10 billion in its first-ever bond offering as it seeks to finance share buybacks and investments to revamp its business.
The offering would assist Meta, which is the only one of the major tech companies that do not have any debt on its books, to establish a much more standard balance sheet and fund certain major efforts, including its metaverse virtual reality.
With recession worries and competition pressures impacting its sales of digital ads, Meta set a dour forecast and reported its first-ever quarterly revenue decline in late July.
Recently, other tech giants like Apple and Intel issued bonds as well, generating $5.5 billion and $6 billion, respectively.
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The parent company of Facebook, Meta, has reported its first-ever revenue drop
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