Aug 16, 2023 - Economy
U.S. Steel bids may put cherished ticker symbol "X" in play
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A flurry of takeover bids for industrial icon U.S. Steel could mean its long-held ticker symbol, "X," may become available.
What happened: Shares of U.S. Steel shot up to around $31 per share this week after dueling takeover bids rolled in from both Cleveland Cliffs and Esmark, each valuing the company at $35 per share.
- A deal isn't a foregone conclusion, of course. And even if U.S. Steel accepts one of the offers, it may have trouble getting antitrust clearance.
Our thought bubble: Should U.S. Steel — founded in 1901 — be enveloped by another entity and give up one of the truly iconic ticker symbols, it's not hard to imagine the X symbol tempting mercurial billionaire Elon Musk.
- It might prove just the right opportunity for a SPAC-style deal to raise money for what was once known as Twitter — and is now known as X.
