Twitter makes first interest payment on debt since Musk buyout: report
Elon Musk closed the $44 billion deal to purchase Twitter in October
Lerer Hippeau managing partner Eric Hippeau discusses Elon Musk's long-term vision for the social media platform on 'The Claman Countdown.'
Twitter made its first interest payment Friday on about $12.5 billion of debt that Elon Musk used to purchase the social media platform last year, according to Bloomberg.
The first coupon amounted to roughly $300 million and was due around Jan. 27, the news outlet reported on Monday.
In addition to the roughly $12.5 billion in debt that Twitter took on during Musk's buyout, the electric vehicle pioneer has also sold over $40 billion worth of Tesla shares over the past year.
Twitter headquarters in the South of Market (SoMa) neighborhood of San Francisco, California. (Smith Collection/Gado/Getty Images / Getty Images)
Twitter and Morgan Stanley, which led a group of banks in lending the money, did not immediately respond to a request for comment on Monday.
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Musk has made a raft of changes at the social media platform since closing the deal in October, including rolling out of a revamped subscription version of Twitter Blue, cutting roughly half of the company's staff, and restoring the accounts of several prominent individuals who were previously suspended.
Tesla CEO Elon Musk smiles as he addresses guests at the Offshore Northern Seas 2022 (ONS) meeting in Stavanger, Norway on August 29, 2022. (Carina Johansen / Getty Images)
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Despite the changes, Musk said last month that Twitter "has been in the fast lane to bankruptcy since May."
He blamed "activist groups" pressuring companies to drop advertisements on the platform for a "massive drop in revenue" in November.