In its first-ever bond sale, Meta raises $10 billion

10 Aug 2022 , 11:01 AM

As it seeks to finance share buybacks and investments to restructure its business, Meta Platforms Inc. (parent company of Facebook) raised $0 billion in its first bond offering as it seeks to finance share buybacks and investments.

The sale would assist Meta, the only major technology company without debt, in creating a more conventional balance sheet and funding some pricey projects, such as its virtual reality platform, the metaverse.

Apple Inc. and Intel Corp., two additional IT behemoths, recently sold bonds as well, raising $5.5 billion and $6 billion, respectively.

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.