Facebook-parent Meta Platforms Inc said on Tuesday it had raised $10 billion in its first-ever bond offering, as it looks to fund share buybacks and investments to revamp its business.

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The offering would help Meta, the only one among big technology companies without debt on its books, to build a more traditional balance sheet and fund some expensive initiatives, such as its metaverse virtual reality.

Other tech giants such as Apple Inc and Intel Corp 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.

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(Edited by : Sangam Singh)