Billionaire Bill Ackman has launched a new investment vehicle called SPARC, which aims to target private companies seeking to raise $1.5 billion or more. He is considering pursuing a deal with Elon Musk-owned X Corp (formerly Twitter), but it is unclear if the technology company is interested or if the deal is feasible. The new vehicle, Pershing Square SPARC Holdings, will target companies with heavy debt loads, businesses seeking IPOs, or divisions of public companies, and allows investors to buy shares in a blank-check company after a target is announced. The Securities and Exchange Commission has granted regulatory approval for the new investment vehicle.