- Elon Musk has expressed interest in taking X (formerly Twitter) public again with interest from Wall Street.
- X will ultimately be the ‘app for everything’ according to Musk with cryptocurrencies integrated to facilitate payments.
Less than a year after buying Twitter for about $44 billion, Elon Musk is already contemplating taking the platform public again. Musk after taking over Twitter, delisted it from the New York Stock Exchange making it a private company. He further changed its name to the X platform.
Musk has been revealing his plans for the platform. For starters, Musk intends to disrupt both the traditional banking institutions and the web3 DeFi protocols in providing tokenization and basic payment services through the X platform and has obtained several payment licenses from different jurisdictions.
With his unwavering support for Dogecoin (DOGE), meme coins, and other digital assets, Musk is likely to integrate the X platform with dozens of blockchains to enable a seamless transfer of funds.
Since reports of a possible IPO emerged, Wall Street has shown great interest in this prospect. Billionaire investor Bill Ackman told The Wall Street Journal in October that he welcomes a deal with Elon Musk to take X public through his new venture SPARC — a special purpose acquisition rights company. Ackman revealed that he would “absolutely” do a deal with Elon Musk.
Pershing Square SPARC Holdings, Ltd.
If your large private growth company wants to go public without the risks and expenses of a typical IPO, with Pershing Square as your anchor shareholder, please call me. We promise a quick yes or no. https://t.co/6YXVZm9EgQ
— Bill Ackman (@BillAckman) September 29, 2023
It remains unclear how committed Elon Musk is to taking the company public. However, his ambition to revolutionize the platform has been clear. It is likely that Musk will only explore an IPO after his goals are accomplished.
The X platform has slowly been rolling out its financial features to allow users to seamlessly interact with different investment instruments. For instance, the X platform partnered with eToro earlier this year to enable users to access stock data, cryptocurrency prices, and other crucial information for financial instruments. Musk has set out to make the platform an everything app and has set out a one-year plan in which the platform will replace banks.
With Dogecoin (DOGE) integrated into the platform and playing a key role, this could easily drive mass adoption of the digital asset. This will be crucial to promoting the prices of the token to a possible all-time high. At the time of press, DOGE is exchanging for $0.079566 after a 15 percent rise in the last 7 days. If Elon Musk’s plans are a success DOGE could easily reach $0.12. One renowned crypto analyst further foresees a rally to as much as $1.5 based on technical patterns and historical data.
