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Home TECHNOLOGY

Bill Ackman Expresses Interest in Taking Twitter Public

by Ayushi
October 3, 2023
in TECHNOLOGY
On claims about Neri Oxman's involvement with Brad Pitt, Ackman clarified that Pitt's visits to Oxman's lab were strictly professional.
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Bill Ackman, the prominent American hedge fund manager and founder of Pershing Square, has expressed keen interest in taking the social media platform X, formerly known as Twitter, public. This revelation comes as Ackman acknowledges the platform’s importance, unique position, and growth potential under the ownership of Elon Musk, the billionaire entrepreneur who acquired X in October 2022 in a high-profile deal valued at $44 billion.

 

In a televised interview with CNBC on October 3, Bill Ackman lauded the improvements made to X since Elon Musk took the helm. Ackman highlighted the platform’s resilience and its potential to expand into diverse lines of business. He believes X is a unique asset that is challenging to disrupt, making it a valuable investment prospect. However, he clarified that he has not yet discussed this matter with Elon Musk, the current owner of the platform.

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Ackman’s involvement with X dates back to a $10 million investment made by the Pershing Square Foundation during the Twitter buyout in the previous year. While Ackman’s admiration for X’s growth potential is evident, any plans for a public offering would require further discussions and negotiations with Musk.

 

Bill Ackman is known for his investment strategies and has been actively exploring opportunities in the market. Pershing Square recently received regulatory approval for a new investment vehicle designed to target private companies looking to raise substantial capital, typically $1.5 billion or more. This innovative investment product is a special purpose acquisition company (SPAC), allowing investors to buy into the company after a target acquisition has been identified.

 

In an interview with the Wall Street Journal on October 1, Bill Ackman indicated that X would be among the options he is considering to take public through his investment vehicle. He also mentioned the possibility of Pershing Square committing up to $2 billion to facilitate such a transaction.

 

While Ackman’s interest in taking X public is significant, it remains subject to several key factors, including discussions with Elon Musk and a more detailed plan regarding the potential public offering. The outcome of these negotiations and developments will determine the future course of action for this venture.

 

One of the challenges Ackman acknowledged during his CNBC interview is that X has faced a decline in advertisers, which impacted its revenue. However, he expressed confidence that many advertisers would return to the platform, driven by improvements in the product and cost structure. Ackman noted that X’s product and capabilities have significantly improved under Musk’s leadership, making it a more attractive platform for advertisers.

 

Bill Ackman’s expressed interest in taking X public adds an intriguing dimension to the platform’s future. While Ackman sees great potential in X, discussions with Elon Musk and the execution of a detailed plan will be crucial in determining whether this venture becomes a reality. Ackman’s track record as an investor and the involvement of Pershing Square Foundation in X’s previous investment make this an exciting development to watch in the world of finance and technology.

Tags: Bill AckmanElon MuskInvestmentPershing SquarePublic Offeringsocial mediaSPARCTwitterX
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