A source close to the social networking site, Twitter, informed that Musk could be the interim CEO of Twitter after finalizing the deal. Jack Dorsey stepped down in November. Therefore, Twitter CEO Parag Agrawal has only been in charge for a few months. There had been little talk until now about whether Musk’s purchase of the corporation would bring any leadership changes.
Musk received around $7.14 billion in stock pledges from friends and other investors to buy Twitter, according to an SEC filing on Thursday.
CNBC’s David 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 prior to the closing of the merger.”
“The future of Twitter is uncertain”
A report by Reuters stated that, during a company-wide town hall meeting last month, Agrawal informed staff that the future of Twitter is uncertain under Musk.
“Once the deal closes, we don’t know which direction the platform will go,” Agrawal reportedly said.
Musk’s purchase of the social networking site comes at a critical juncture for the firm. According to Agrawal, he would concentrate on increasing Twitter’s daily active user base and introducing new features. Twitter announced in its most recent financial report that it had reached 229 million monetizable daily active users. It is up by 15.9% from the same time last year.
According to reports, Musk recently delivered investor presentations in which he presented financial estimates based on his research of Twitter. Its stock increased by 2.8 percent on Thursday. During a broader market selloff, Tesla’s stock fell more than 8%.