After Acquisition Completed, Elon Musk May Be Temporary CEO Of Twitter

Illustration, Image of Elon Musk's face seen in front of the Twitter logo. Illustration taken April 28, 2022. (REUTERS/DADO RUVIC)

JAKARTA - Elon Musk may fill the role of interim CEO at Twitter after his $44 billion acquisition is complete. The news was further strengthened after it appeared that Elon had secured the funds for the deal.

Quoted by Reuters from Antara, Friday, May 6, Twitter's current CEO, Parag Agrawal, will remain as CEO until the sale of the social media company is transferred to the Tesla CEO.

Elon Musk as the richest person in the world now serves as CEO of several large companies such as Tesla, SpaceX, and The Boring Company.

Twitter's purchase by Elon seems to have a real impact on some of his businesses, such as a decline in Tesla's shares of up to 8 percent observed on Thursday, May 5.

There is concern among shareholders that Elon Musk will be sidetracked by the Twitter acquisition.

Meanwhile, on the other hand, Twitter shares were seen rising up to 4 percent after it was confirmed that Elon Musk pocketed various sources of funds for the acquisition of the platform with the blue bird logo.

On the same day, Elon Musk has listed a group of well-known investors who are ready to provide $7.14 billion for his Twitter offering, including Oracle co-founders Larry Ellison and Sequoia Capital.

Twitter investor from Saudi Arabia Prince Alwaleed bin Talal also seems to welcome Elon's presence as Twitter owner after last month felt that the deal offered was lacking.

After direct discussion, it appears that the Prince immediately agreed to put his $1.89 billion stake in the deal.

"Happy to connect with you my "new" friend @elonmusk ... Kingdom Holding Company and I look forward to rolling our $1.9 billion on "new" Twitter," Alwaleed tweeted.

Musk increased financing commitments to $27.25 billion, which includes commitments from 19 investors.

In the midst of its efforts to reduce margin lending from Morgan Stanley to 6.25 billion US dollars. He has secured a loan commitment of 13 billion US dollars.

Other investors include crypto firm Binance, New York-based real estate tycoon Steven Witkoff and DFJ Growth IV Partners, which has investments in Boring Corporation, SpaceX, SolarCity and Tesla.

“We look forward to playing a role in unifying social media and the web3 and expanding the use and adoption of crypto and blockchain technologies,” said Binance CEO Changpeng Zhao.

Elon Musk will continue to hold talks with existing Twitter shareholders, including former Twitter CEO Jack Dorsey, to donate shares to the proposed acquisition.

Larry Ellison, a board member at Tesla and a close friend of Musk's, is also confirmed to have committed $1 billion to the funding.