He was talking to private equity investors as he tried to raise money to fund his $44 billion takeover from the social media platform, the WSJ reported, citing unnamed sources familiar with the situation. Musk has until October to complete his takeover, Insider reported.
Private equity investors privatize public companies in difficulty, turn them around, then reintroduce them to public markets. Twitter is tight on cash reserves, and last year it lost $221 million, Insider previously reported.
However, the lack of plans hasn’t deterred investors, as Musk has several valuable assets that could come in handy when he takes out loans for the deal, according to the report.
Musk’s suggestion that he take Twitter public again in the next few years by rapidly improving his bottom line could help entice investors to participate in his fundraising efforts, the WSJ wrote.
But the Tesla founder and CEO’s three-year timeline may be too ambitious. Private equity investors typically invest in companies for about three to five years, private bank Julius Baer noted in a report.
And, according to a previous Insider report, Musk has publicly admitted that he’s not good at deadlines.
“Well, I mean, punctuality isn’t my forte,” he said in a 2018 60 minute interviewin response to a question about Tesla’s missing production targets.
Musk did not immediately respond to Insider’s request for comment.