Billionaire investor Bill Ackman says he would be ‘absolutely’ interested in a deal with Elon Musk’s X – DAVID RAUDALES

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Billionaire investor Bill Ackman says he would be ‘absolutely’ interested in a deal with Elon Musk’s X

Composite of Elon Musk and Bill Ackman.

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Billionaire investor Bill Ackman told the WSJ he would be interested in a deal with Elon Musk’s X.
However, he caveated that by saying he doesn’t know if X is interested, or if the deal is doable.
Ackman’s Pershing Square obtained approval for an investment vehicle on Friday, targeting companies looking to raise at least $1.5 billion.

Billionaire investor Bill Ackman said he would be interested in a deal with Elon Musk’s X Corp, the Wall Street Journal reported Sunday.

The hedge fund manager’s comments came after his firm Pershing Square received US regulatory approval for a new variation of special purpose acquisition companies, or SPACs. The new investment vehicle would target companies looking to raise at least $1.5 billion, according to a filing on Friday.

While Ackman said he would “absolutely” be interested in a deal with X — the platform previously known as Twitter — he doesn’t know if X is interested, or if the deal is doable, per the Journal. Ackman, who is worth $3.6 billion as of Sunday, was responding to a question from the Journal on whether he would consider a deal with X. 

Still, Ackman — an avid X user — posted the announcement of his new investment vehicle on the social media platform.

“If your large private growth company wants to go public without the risks and expenses of a typical IPO, with Pershing Square as your anchor shareholder, please call me,” Ackman wrote in a post. “We promise a quick yes or no.”

—Bill Ackman (@BillAckman) September 29, 2023

 

Ackman’s foundation invested a small amount in X when Musk bought the platform last year, but the hedge fund manager seemingly doesn’t know Musk well, per the Journal. It is not immediately clear how much Ackman invested in X.

However, Ackman appears to be a big believer in Musk, telling the Journal he has “enormous respect” for the Tesla CEO. Early in September, Ackman touted Musk’s X, saying he thinks Musk will “do quite well ultimately with Twitter.”

Musk took Twitter private last year in a $44 billion acquisition. But, Musk had told investors he was planning to take the company public again after three years, the Journal reported in May last year.

X responded to Insider’s request for comment with an auto-reply that read: “Busy now, please check back later.” X told the Journal it had no comment.

Pershing Square did not immediately respond to requests from Insider for comment sent outside regular business hours.

Read the original article on Business Insider