Bill Ackman intends to take X public, says ‘interested’ but yet to approach Musk

livemint.com:

Twitter is a really important platform. He’s made tremendous improvements to the platform and I think it’s a unique, very difficult to disrupt kind of asset and one that could grow into different lines of business," Ackman said, while speaking to CNBC channel on October 3. Ackman also noted in the televised interview that a foundation linked to his firm Pershing Square has already backed X through an investment of $10 million.

X, formerly known as Twitter, is “interesting" and has a solid business potential. Ackman clarified that he is not aware how the business is performing, but added that he has a “lot of respect for Musk". Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here! Musk had acquired the social media platform in October last year, in a deal valued at 444 billion.

Meanwhile, Ackman's Pershing Square received approval from the US regulators for a new investment vehicle that targets private companies seeking to raise $1.5 billion or more, and could potentially take them public. The product is a new class of special purpose acquisition companies known as SPARC, where investors buy into the company after a purchase target is identified. Ackman, while speaking to the Wall Street Journal, said that X would “absolutely" be one of the options he’s considering to make public through his investment vehicle.

He added that Pershing could commit $2 billion to a transaction. Ackman acknowledged that the social media platform has lost a lot of advertisers and are likely to return. He added that he’s bought stuff advertised on Twitter and that the product and cost structure is “vastly better than it was before." (With Bloomberg