Bill Ackman to consider deal with Musk's X

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Bill Ackman to consider deal with Musk's X

Bill Ackman, a billionaire investor, has said he will be interested in a deal with Elon Musk's X Corp, the Wall Street Journal reported Sunday.

The hedge fund manager's remarks came after his firm, Pershing Square, received US regulatory approval for a new variety of special purpose acquisition companies, or SPACs. The new investment vehicle would target companies seeking to raise at least $1.5 billion, the company said in a filing on Friday.

Although Ackman said he would 'absolutely' be interested in a deal with Twitter - the previous Twitter platform - he doesn't know if X is interested or if the deal is doable, per the Journal. Ackman, who was worth $3.6 billion as of Sunday, responded to a question from the New York Times on whether he would consider a deal with X.

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

Ackman's foundation invested a small amount in X when Musk bought the platform last year, but the hedge fund manager does not know Musk well, according to the Journal. It is not clear exactly how much Ackman invested in the company's stock.

The company's acquisition, Twitter, was completed in a $4.4 billion deal with Musk last year. Musk had said he was planning to take the company public again after three years, the BBC reported in May last year.

X responded to the Insider's request for comment with an auto-reply that read: X told the Journal it had no comment.

Pershing Square did not immediately respond to questions from Insider for comment.