One of the main criticisms that has come along with Elon Musk’s bid to buy Twitter for nearly $ 44 billion is that under Musk, Twitter will become a privately owned company.
Shareholders have not been shy about expressing concerns with Musk, some of whom have even sued the billionaire for a delay in disclosing how many shares he actually had on Twitter, just weeks before submit your offer to buy the whole company.
But it looks like Twitter’s shareholders, employees and the masses won’t have much to worry about in the long run when it comes to Musk’s future plans for the company.
According to a new report from the Wall Street JournalMusk said that in a matter of years, he plans to turn Twitter back into a listed company.
Related: Elon Musk offers to buy Twitter for 43 billion dollars: “It’s a high price and your shareholders will love it”
“Musk said he plans to hold an initial Twitter public offering in just three years after buying it, according to people familiar with the matter.” WSJ reported Wednesday.
The point of sale noted that Musk has been talking to several companies to become potential investors to help him meet the cost of the fully cash deal he promised in his bid to buy Twitter.
These potential investors include Apollo Global Management, a privately held company, a company that could help Musk with financing and internal restructuring before making the company public again.
Related: Mark Cuban says there’s a reason behind Elon Musk’s Twitter offer
Before coming to Twitter with his proposal to acquire all of Twitter’s shares for $ 54.20 per pop, Musk quickly switched to the company’s shares to the point where he became a major shareholder in Twitter. with only 10% of the company’s shares.
“Since I made my investment, I now realize that the company will not thrive or serve this social imperative in its current form,” Musk wrote in a letter to Twitter board chairman Brett Taylor in a letter. through the SEC filing where he first offered to buy the company. . “Twitter needs to be transformed into a private enterprise … Twitter has tremendous potential. I’ll unlock it.”
Musk also unpopular said last month that he would stop paying Twitter board members if he bought the company in an effort to reduce costs and increase efficiency.
Twitter board members currently receive between $ 250,000 and $ 300,000 a year, which is about $ 3 million a year.
Twitter was down 8.4% at the close on Wednesday.
Related: It’s official: Elon buys Twitter