On Tuesday, Facebook‘s parent company Meta Platforms Inc said it had raised $10 billion in an initial bond offering as it looks to fund share buybacks and investments to revamp its business.

The offering will help Meta build a more traditional balance sheet and fund some expensive initiatives like Metaverse Virtual Reality, the only major tech company with no debt.

Other tech giants like Apple and Intel have also recently issued bonds, raising $5.5 billion and $6 billion, respectively.
In late July, Meta issued a gloomy forecast and recorded its first-ever quarterly revenue decline, with recession fears and competitive pressure weighing on its digital ad sales.