Meta, the parent company of Facebook will raise 10 billion USD in bond offering to fund share buyback and investments to revamp its business.
The offering, included bonds with maturities ranging from five years to 40 years. It received over $30 billion of orders from investors, the sources told reuters. They added the demand was skewed towards the longer-dated bonds.
Meta had been the only tech company that did not have debt on its books. Tapping the market now would help it build a more traditional balance sheet. That could give it more financial room as it tries to fund some expensive initiatives, such as its metaverse virtual reality and Reels short video product, at a time its cash pile is depleting, the sources told reuters.
In addition Instagram owned by Meta also announced today that its NFT feature will now be available in 100 more countries in the Americas, Africa, Asia Pacific, and the Middle East. The move comes along with the integration of Flow blockchain, Coinbase wallet, and Dapper wallet. However, Meta did not confirm whether there are plans to expand to Europe or enable support for NFTs on other blockchains like Solana.
According to the announcement, the NFT feature will allow Instagram users to share digital collectibles from the crypto wallets to the app. The social media platform currently supports Ethereum, Polygon, and Flow NFTs and third-party wallets like MetaMask, Trust Wallet, Coinbase, Dapper, and Rainbow.
As per press release, “Every day, creators inspire people and push culture forward around the world. With the incredible opportunity of blockchain technology, they can now leverage new tools to earn income, and fans can support their favorite creators by purchasing digital collectibles – art, images and videos, music, or trading cards – as non-fungible tokens (NFTs).”
