Billionaire investor Bill Ackman said in an interview with the Wall Street Journal on Sunday that he would consider a transaction with Elon Musk’s X, formerly often called Twitter.
Pershing Square SPARC Holdings Ltd, said that it’ll pursue business combos with privately-held firms after receiving regulatory approval from U.S regulators for distributing special purpose acquisition rights.
The SPARC, an affiliate of Ackman’s Pershing Square Tontine Holdings Ltd, is targeting firms that seek to lift a minimum of $1.5 billion of capital, it said in a regulatory filing on Friday.
Ackman’s SPARC is a variation of a special purpose acquisition company (SPAC), the marketplace for which has cooled since its peak in 2021 as investors nursed losses on many deals.
Ackman said within the interview that he has no idea if X is interested and would still need to find out whether or not a deal is doable.
Billionaire investor Bill Ackman said he’s thinking about a transaction with Elon Musk’s X, formerly often called Twitter.REUTERS
Elon Musk in March reportedly offered X social-media company’s employees stock grants at a valuation of about $20 billion, lower than half the worth he paid to accumulate the platform, pointing to a drop in Twitter’s value, which could make a take care of SPARC unlikely.
X didn’t immediately reply to a Reuters request for comment.
