Jay Ritter
Cordell Eminent Scholar Jay Ritter.

Bill Ackman Wants to Take Elon Musk’s X Public. History Says It’s a Risky Move.

Bill Ackman, the hedge fund manager and activist investor, told The Wall Street Journal that he would be interested in a deal with Elon Musk’s X, formerly known as Twitter, to take part of the social media company public via his special purpose acquisition rights company, or SPARC, a new variation of SPACs.

But if history and data from Cordell Eminent Scholar Jay Ritter is any indication, large-size SPACs—even if they could successfully find a merger target to go public—are very risky.

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