One major criticism that has come alongside Elon Musk’s bid to purchase Twitter for nearly $44 billion is that under Musk, Twitter will become a privately-owned company.
PATRICK PLEUL/POOL/AFP via Getty Images
PATRICK PLEUL/POOL/AFP via Getty Images
Shareholders have not been shy about voicing their concerns with Musk, a number of them even suing the billionaire for a delay in his disclosure of how much stock he really had in Twitter, just weeks before he put in his offer to purchase the entire company.
But it seems as though Twitter shareholders, employees and the masses won’t have much to fret about longterm when it comes to Musk’s future plans for the company.
Per a new report from the Wall Street Journal, Musk said that within a matter of a few years, he plans to make Twitter a publicly traded company again.
Related: Elon Musk Offers to Buy Twitter for $43 Billion: ‘It’s a High Price and Your Shareholders Will Love It’
“Musk said he plans to stage an initial public offering of Twitter in as little as three years of buying it, according to people familiar with the matter,” WSJ reported on Wednesday.
The outlet pointed out that Musk has been speaking to several companies to become potential investors in helping him front the cost for the all-cash deal he promised upon his bid at purchasing Twitter.
Of these potential investors includes Apollo Global Management, a private equity firm, a company that could potentially help Musk with funding and internal restructuring before bringing the company public again.
Related: Mark Cuban Says There’s an Ulterior Motive Behind Elon Musk’s Twitter Offer
Prior to coming to Twitter with his proposal to purchase all of Twitter’s shares for $54.20 a pop, Musk was quickly swiping up shares of the company to the point that he became majority shareholder of Twitter, owning just shy of 10% of the company’s shares.
“Since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form,” Musk penned in a letter to Twitter Board chairman Brett Taylor in a letter via the SEC filing where he first offered to buy the company. “Twitter needs to be transformed as a private company … Twitter has extraordinary potential. I will unlock it.”
Musk also unpopular said last month that he would stop paying Twitter Board members if he purchased the company in an effort to cut costs and increase efficiency.
Currently, Twitter Board members are paid between $250,000 to $300,000 annually, which totals around $3 million per year.
Twitter was down 8.4% at close on Wednesday.
Related: It’s Official: Elon Buys Twitter
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