Hedge-fun manager Bill Ackman would be open to a deal with Elon Musk's X as part of this company's new investment vehicle, according to the Wall Street Journal.
Billionaire hedge-fund manager Bill Ackman would be open to a deal with Elon Musk’s X as part of this company’s new investment vehicle, according to the Wall Street Journal. The Journal reported Sunday that Ackman would “absolutely” be interested in pursuing a deal with X.
His firm, Pershing Square, on Friday received regulatory approval for a new type of special purpose acquisition company, called Pershing Square SPARC Holdings, which would invest in a private company with the intention of taking it public, including companies owned by private equity and “mature unicorns,” according to an SEC filing. Also see: Bill Ackman says Treasury yields are going higher in a hurry, and that investors should shun U.S. government debt While a SPAC raises money from investors and then seeks a company to acquire, the SPARC raises money after a target has already been identified. However, Ackman told the Journal that he had no idea whether X would be interested, or if a deal would be feasible. He told the Journal he has “enormous respect” for Musk and with what he’s doing with X. Musk bought X, formerly Twitter, nearly a year ago for $44 billion and took it private. Musk has said he could take the company public again in the future, but over the past year X has lost much of its ad revenue, according to Musk, and taken on significant debt.
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