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 voicing their concerns with Musk, some of them even suing the billionaire over a delay in disclosing how many shares he actually owned on Twitter, just weeks before he made his offer to buy the entire company. company.
But it seems that Twitter 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 Wall Street JournalMusk said that in 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 just three years after buying it, according to people familiar with the matter. WSJ reported on Wednesday.
The outlet noted that Musk has been talking to several companies to become potential investors to help him deal with the cost of the cash deal he promised in his Twitter purchase offer.
These potential investors include Apollo Global Management, a private equity firm, a company that could help Musk with financing and internal restructuring before the company goes public again.
Related: Mark Cuban says there’s an ulterior motive behind Elon Musk’s Twitter offer
Before taking to Twitter with his proposal to buy all of Twitter’s shares for $54.20 each, Musk quickly bought shares in the company to the point where he became the majority shareholder of Twitter, holding just 10% of Twitter’s shares. the company.
“Since making my investment, I now realize that the company will not prosper or meet this social imperative in its current form,” Musk wrote to Twitter Chairman of the Board Brett Taylor in a letter via Twitter. from the SEC filing where he first offered to buy the company. . “Twitter needs to become a private company… Twitter has extraordinary potential. I will unlock it.
Musk also said last month that he would stop paying Twitter board members if he bought the company in an effort to cut costs and increase efficiency.
Currently, Twitter Board members are paid between $250,000 and $300,000 a year, totaling about $3 million per year.
Twitter was down 8.4% at the close of Wednesday.
Related: It’s Official: Elon Buys Twitter