Meta raises $10 billion in first-ever bond offering

STORY: Shares of Meta Platforms jumped as much as 7% on Wednesday after the Facebook-parent said it had raised $10 billion in its first-ever bond offering.

The mega haul comes as Meta looks to fund share buybacks and investments to revamp its business.

The offering would help Meta, which until now was the only Big Tech company without debt on its books, to build a more traditional balance sheet and fund some expensive initiatives, such as its metaverse virtual reality efforts.

Other tech giants such as Apple and Intel also issued bonds recently, raising $5.5 billion and $6 billion, respectively.

In late July, Meta posted a gloomy forecast and recorded its first-ever quarterly drop in revenue, with recession fears and competitive pressures weighing on its digital ads sales business.