Elon Musk is expected to become the interim CEO of Twitter after completing the $ 44 billion acquisition of the company, CNBC reported on Thursday, hours after Musk revealed that he has included more than a dozen individuals and investment companies in his takeover bid.
More specifically, the American media stresses, citing anonymous sources, stressing that Musk is expected to be CEO for a few months after the closing of the agreement.
Elon Musk is in talks with major investment companies, as well as private financiers, to secure more funding for the $ 44 billion acquisition of Twitter Inc.
These moves of Musk are made in order to freeze as little of his property as possible in the mentioned takeover agreementaccording to sources who have been informed of his initiatives.
Musk is the richest man in the world, with Forbes estimating his net worth at $ 245 billion (€ 233 billion).
Most of his fortune is owned by shares in the electric vehicle company Tesla Inc., of which he leads. Last week, Musk revealed that he had sold $ 8.5 billion ($ 8.08 billion) worth of Tesla shares following a deal to buy him. Twitter.
The new financing, which can come from preferred or equity capital, could reduce the amount of $ 21 billion (€ 19.97 billion) in liquidity that Musk has pledged to pay for the aforementioned acquisition, as well as a loan secured by his shares in Tesla, according to sources.
Elon Musk is expected to take over as interim CEO of Twitter Inc. for a few months after the acquisition of the $ 44 billion platform is completed, US television network CNBC reported, citing sources.
Musk is also the CEO of Tesla Inc.
The businessman has so far secured $ 7.14 billion in funding from a group of investors, including Saudi billionaire Al Walid bin Talal and Oracle Corp. co-founder Larry Ellison, to buy the social networking site. He also revealed in a letter to the Securities and Exchange Commission (SEC) that he had received letters of commitment from 19 investors, including Sequoia Capital ($ 800 million), Brookfield ($ 500 million), Vy Capital ($ 700 million). .), Qatar Holding and others. He will also continue his contacts with current Twitter shareholders, including former head of the company Jack Dorsey, to secure additional funds.
Ellison, who is a member of Tesla’s board, will donate $ 1 billion.
Saudi billionaire investor Prince Alwaleed bin Talal tweeted that Musk would be an “excellent leader” for the platform. “It’s great to be connecting with you, my ‘new’ friend @elonmusk (..) I believe you will be a great leader on Twitter to promote and maximize its potential,” he said, revealing that his company, Kingdom Holding Company, is ready to throw $ 1.9 billion on the “new Twitter” and follow Musk “on this exciting journey”.
Talal will make available to Musk about 35 million of his shares on Twitter, after the purchase is finalized, in order to secure his participation in the capital of the company, which Musk has said he wants to withdraw from the Stock Exchange.
In mid-April, Saudi Arabia rejected Musk’s offer to buy Twitter for $ 54.20 a share, saying the price was too low for the “real value” of the company.
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