In this Oct 28, 2021, photo, Facebook unveiled their new Meta logo on a sign at the company headquarters in Menlo Park, California. (TONY AVELAR / FILE / AP)

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

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 US$5.5 billion and US$6 billion, respectively.

ALSO READ: Meta posts first-ever revenue drop as inflation throttles ad sales

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.