Elon Musk plans to make Twitter a public company again within three years of buying the social network, the Wall Street Journal reported on Tuesday, citing sources close to the matter.
Musk has told potential investors that he plans to organize an initial public offering (IPO) process for Twitter, according to the newspaper.
Representatives for the social network had no comment, and Musk could not be reached.
Reuters reported this week that Musk is in talks with big investment firms and wealthy individuals about getting more funding for the $44 billion takeover of Twitter, tying less of his own equity into the deal.
The initial acquisition proposal calls for Musk to shell out about $21 billion of his personal wealth. The Tesla president must also count on a collective loan of up to US$ 25.5 billion (R$ 126.6 billion) with large Wall Street banks, led by Morgan Stanley.
Last week, Musk raised $8.5 billion by selling 9.7 million Tesla shares after Twitter’s board approved his bid for the company, boosting its cash position for funding.
Launching his bid on Twitter, the billionaire argued that the social network needed to be privately held to grow and become a genuine platform for free speech.
In addition, Musk said he did not trust the company’s current leadership to make the changes he deems necessary.
Musk’s plans for Twitter involve changes to content moderation, fighting automated accounts and opening up the platform’s algorithm.
I have over 8 years of experience in the news industry. I have worked for various news websites and have also written for a few news agencies. I mostly cover healthcare news, but I am also interested in other topics such as politics, business, and entertainment. In my free time, I enjoy writing fiction and spending time with my family and friends.
