January 29, 2023

Dubai Week

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After purchasing it, Elon Musk temporarily leads Twitter

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An informed source has revealed today that Elon Musk will be the interim CEO of Twitter temporarily after the acquisition of the $ 44 billion social networking service company, while the billionaire is close to securing funding for the deal..

Musk, the world’s richest man, is also the CEO of Tesla and heads two projects, The Boring Company and SpaceX..

Shares of Tesla fell 8 percent today as investors worried that Musk’s involvement in Twitter could divert him from the world’s most valuable electric car maker..

On the other hand, Twitter shares increased their gains by about four percentage points to $ 50.89, the contract price was close to $ 54.20, and investors are betting that they are more likely to conclude a new financing deal..

Baraj Agarwal, who was appointed CEO of Twitter in November, is expected to remain in charge of Musk until the company’s sales are completed.

CNBC first announced today that Musk will be Twitter’s interim CEO..

Earlier in the day, Musk announced a list of key investors seeking to finance its $ 7.14 billion acquisition of Twitter, including Larry Ellison, co-founder of Oracle Corp, and Sequoia Capital..

Prince Alwaleed bin Talal, a Saudi investor who initially opposed the purchase, has agreed to hold it instead of selling his $ 1.89 billion stake in cash, an official statement said..

Al-Waleed said in a tweet: “My new friend Elon Musk is very pleased to be associated with you. Kingdom Holding and I look forward to retaining our $ 1.9 billion stake in the new Twitter.”

Musk raised his financial commitment to $ 27.25 billion, while Morgan Stanley reduced his debt to $ 6.25 billion, and he has already borrowed $ 13 billion from banks..

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Other investors include Crypto-Asset Finance, a company owned by New York real estate tycoon Stephen Whitkoff, and DFJ Growth IV, which invests in The Boring Company, SpaceX, Solar City and Tesla..

Last week, Musk negotiated with big investment firms and the rich about getting more funding to acquire Twitter and reducing his money in the deal..

The revelation shows that Musk will continue to negotiate with current Twitter shareholders, such as former company president Jack Dorsey, to offer shares for the acquisition..

Larry Ellison, a Tesla board member who describes himself as a close friend of Musk, has donated $ 1 billion..