The SPARC, a subsidiary of billionaire investor Bill AckmanPershing Square Tontine Holdings Ltd is targeting companies looking to raise at least $1.5 billion in capital, it said in a regulatory filing on Friday.
from Ackman SPARC is a variation on a special purpose acquisition company (SPAC), whose market has cooled since its 2021 peak as investors took losses on many deals.
Ackman said in an interview with the Wall Street Journal on Sunday that he would consider a transaction with Elon Musk’s X, formerly known as Twitter. Ackman added that he has no idea if X is interested and is still determining whether or not a deal is feasible.
Elon Musk in March reportedly offered stock grants to X employees worth about $20 billion, less than half the price he paid to acquire the platform, signaling a decline in Twitter’s value , which could make a deal with SPARC unlikely. .
X did not immediately respond to a Reuters request for comment.