Billionaire Elon Musk is reportedly toying with the idea of taking the social-media company Twitter back to public ownership in a few years. According to people familiar with the story, Musk. has told potential investors of the plan.
The Wall Street Journal reports “Mr. Musk said he plans to stage an initial public offering of Twitter in as little as three years of buying it.”
“Private-equity firms often take companies private with an eye toward fixing them up outside of the spotlight and then taking them public again within five years or so. Mr. Musk’s signal that he plans to do something similar could help assure potential investors that he would work quickly to improve Twitter’s business operations and profitability” writes The Journal.
Musk agreed to take the company private in a $44 billion deal and has since been finding the funds to seal the deal. “Once he managed to do so, Twitter’s expected resistance eased and the two sides quickly agreed to a deal at his original offer price of $54.20 a share.”
Reportedly Musk will pay $21 billion of his own into the deal, will get loans, and has been speaking to investors such as private-equity firms.
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Historic House Vote Expels Rep. George Santos Amidst Scandal
In a turn of events, the House of Representatives made history on Friday with a vote to expel Rep. George Santos (R-N.Y.), marking the first such expulsion in over two decades. A moment fraught with gravity unfolded as Speaker Mike Johnson wielded his gavel to formalize Santos’ removal, setting a precedent in congressional annals.
Santos, indicted on 23 counts related to wire fraud, identity theft, and other charges, has not faced conviction but stands accused of misusing campaign funds for opulent purchases. The bipartisan vote, tallying 311 to 114, signaled robust support for expulsion, with a marginally higher number of Republicans opting to retain Santos.
Questions loomed as Speaker Johnson left the chamber, his silence leaving the fate of the ongoing government spending battle uncertain. According to reports from Fox News, Democratic Rep. Steny Hoyer emphasized the non-partisan nature of the decision, asserting that members concluded Santos had tarnished the House’s reputation and was unfit for representation.
Within the GOP, conflicting opinions emerged, with Rep. Darrell Issa arguing against expulsion, citing the presumption of innocence. The tight-lipped stance of the House Ethics Committee played a pivotal role in the deliberations.
Conversely, members of the New York Republican delegation, led by Rep. Marc Molinaro, asserted Santos’ commission of crimes, justifying expulsion based on a comprehensive investigation.
Santos himself predicted the outcome in an exclusive morning interview on “FOX & Friends.” This vote not only underlines the House’s rare use of expulsion powers but also sets a critical precedent in handling members facing severe legal challenges.
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