Meta Platforms Inc., the company that owns Facebook, said on Tuesday it has rais $10 billion from the sale of its first bond offering. This information got out to the public through an official blog post on Facebook. The money is used to buy back shares of the company. Make financial investments in the new business strategy that the company is currently putting into action.
It is the only large IT company in the world that doesn’t have any debts right now. Making it unique in this way. With the money from the sale of the bonds. Meta will be able to make a balance sheet that is closer to the standard. Make a donation to help pay for very expensive projects. Like the company’s creation of the metaverse, which is also a platform for virtual reality experiences.
Apple Inc. and Intel Corp.’s most recent bond sales brought in a total of $5.5 billion and $6 billion. Respectively, for the two tech giants.
At the end of the month of July, Meta gave a bleak outlook and also said that it had already lost money for the first time bond in a quarter. The company says that the drop in the amount of money it makes from digital advertising is due to the instability of the economy as well as the increasing pressure from the company’s rivals. Also, the company’s competitors have increased the amount of pressure they are putting on it.
Originally published at lahoreherald.com