Billionaire investor Bill Ackman has expressed interest in doing a deal with X, the social media platform formerly known as Twitter. Ackman’s newly approved investment vehicle, called a SPARC, received regulatory approval from the Securities and Exchange Commission. With a SPARC, investors will have knowledge of the company that the financing vehicle would merge with before pledging their investments. Ackman frequently posts on X, discussing various topics including his support for presidential candidates Vivek Ramaswamy and Robert Francis Kennedy Jr.
Ackman stated on X that if any “large private growth company wants to go public without the risks and expenses of a typical IPO,” they should reach out to him. He assured a swift response and mentioned that Pershing Square, his investment firm, would be the anchor shareholder. While Ackman is open to using his SPARC to invest in X, financial accounting professor Alan D. Jagolinzer believes that the implications of being a public company may make it unlikely for X to pursue the deal. Taking X public would expose the platform to financial and governance regulatory transparency and accountability.
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