Elon Musk expected to serve as temporary Twitter CEO after deal closes

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  • Source: CNBC
  • 05/05/2022
Elon Musk is expected to serve as a temporary CEO of Twitter for a few months after he completes his $44 billion takeover of the social media company, sources told CNBC’s David Faber.

An SEC filing on Thursday revealed Musk secured approximately $7.14 billion in equity commitments from friends and other investors to buy Twitter. Faber said Musk handpicked the investors. Commitments range from $1 billion from Oracle co-founder Larry Ellison to $5 million from Honeycomb Asset Management, which invested in SpaceX. Faber added that Twitter co-founder Jack Dorsey may back it, and Musk is talking to him about the possibility of contributing shares immediately or before the closing of the merger.

Twitter CEO Parag Agrawal has only led the company for a few months, after assuming the helm from Dorsey last November. Until now, there hadn’t been much discussion about whether Musk’s takeover of the company would lead to a leadership shake-up. Last month, Reuters reported Musk had lined up a new CEO for Twitter, citing a source familiar with the matter.