With the Twitter-Musk deal expected to be completed soon, new reports claim that the billionaire will step up as temporary CEO.
Tesla and SpaceX CEO Elon Musk is expected to temporarily assume the CEO position at the social media giant Twitter, after the deal to purchase the company is finalized.
According to a report by CNBC on Thursday (May 5, 2022), anonymous sources revealed that Musk will serve as Twitter’s CEO for a few months after the takeover of the company.
Parag Agrawal, who is currently at the helm, began his leadership position at Twitter back in November 2021, after taking over from Jack Dorsey. The latter is a well-known bitcoin proponent who stepped down after years in charge of the social media giant.
However, it remains to be seen if Agrawal will cease being the company’s CEO once the buyout is completed. Meanwhile, earlier reports were stating that the Tesla chief already lined up the next CEO of the social media giant.
The latest development comes less than two weeks after the social media company agreed to Musk’s $44 billion offer to buy Twitter. According to a filing with the U.S. Securities and Exchange Commission on May 5, the billionaire received new funding of over $7 billion to purchase the platform.
Some investors include private investment firm Honeycomb Asset Management with $5 million, and Larry Ellison, co-founder of Oracle, with $1 billion.
Musk also received backing from cryptocurrency exchange giant Binance, which invested $500 million.