Elon Musk could become the temporary CEO of Twitter

Once the acquisition of Twitter is finalized, Elon Musk could become the CEO of the social network.

Following the completion of the Twitter takeover, Elon Musk is expected to remain CEO of the social network for a few months, according to several anonymous sources cited by CNBC.

Last month, Reuters reported that the CEO of Tesla had found a new CEO for Twitter. However, the media CNBC affirms that the takeover of Twitter by Elon Musk did not raise questions about the change of direction.

Earlier Thursday, a document filed with the SEC (Securities and Exchange Commissiona US federal financial market regulator) showed that Elon Musk had obtained $7.1 billion in bonds redeemable in shares from a group of investors, including in particular larry ellisonthe Prince Alwaleed of Saudi Arabia and the Chinese giant Binance.

Twitter action has increased by 3.9% Thursday morning.

Last month, Elon Musk announced he had acquired a 9.2% stake in Twitter, and days later offered to buy the company for $44 billion. Twitter’s board initially tried to block the offer, but eventually agreed after Tesla’s CEO revealed he had funding from $46.5 billion. The current CEO of Twitter, Parag Agrawaltook over at the head of the social network when Jack Dorsey announced that he was stepping down from his post in November 2021. In a email to employees of the company, Jack Dorsey said Twitter’s board followed a “rigorous process” and unanimously appointed Parag Agrawal as CEO, adding that his confidence in his successor was “deep”. Parag Agrawal reportedly told employees at a meeting last month that Twitter’s future was uncertain with Elon Musk. “Once the deal is done, we don’t know what direction the platform will go in,” he reportedly said. Reuters.

CNBC is reporting that Jack Dorsey could back Elon Musk financially, and there’s a possibility he’ll bring in shares immediately, or before the takeover is finalized.

According to the latest estimates of ForbesElon Musk’s net worth stands at $259.8 billionwhich makes the billionaire the richest personality in the world.

Article translated from Forbes US – Author: Anna Kaplan

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