Billionaire hedge-fund manager Bill Ackman has expressed his openness to a potential deal with Elon Musk’s company, X, according to the Wall Street Journal.
Ackman’s firm, Pershing Square, recently gained regulatory approval for a new special purpose acquisition company called Pershing Square SPARC Holdings. This investment vehicle aims to take private companies public, including those owned by private equity and “mature unicorns,” as stated in an SEC filing.
The unique aspect of Pershing Square SPARC Holdings is that it raises money for investment in a target company that has already been identified.
Despite his interest, Ackman admits that he is unsure if X would be interested or if a deal would be feasible. Nevertheless, he expresses great admiration for Musk and his achievements with X.
Almost a year ago, Musk purchased X, previously known as Twitter, for a staggering $44 billion and took it private. Musk has hinted at the possibility of taking the company public again in the future. However, X has faced challenges such as a decline in ad revenue and accumulating significant debt over the past year, according to Musk.