Musk plots to install himself as temporary chief exec of Twitter after £35bn takeover
Elon Musk looks likely to become the temporary chief executive of Twitter after his £35billion takeover.
The 50-year-old will take on the job at the social media company alongside his role as chief executive of electric car maker Tesla as well as head of tunnel group The Boring Company and rocket firm Space X.
However, it is understood Musk hopes to appoint a permanent replacement for Twitter chief Parag Agrawal.
Elon Musk will looks set to become the temporary chief executive of Twitter alongside his role as chief exec of Tesla as well as head of tunnel group The Boring Company and Space X
Reports of his plans to take over the company – even if only temporarily – came as Musk won the backing of 18 investors who will collectively stump up more than £5.7billion to help fund his Twitter takeover.
In a regulatory filing, the world’s richest man said Oracle co-founder Larry Ellison’s trust will invest £800million towards the £35billion purchase of the social-media platform.
Musk also revealed he has received commitment letters from investors including Sequoia Capital, which is providing £646million, and Brookfield, which is giving £202million, while Binance is pumping in £404million.
At the same time, Saudi Prince Alwaleed bin Talal bin Abdulaziz Al Saud, already an investor in Twitter, will roll 35million shares into the bid vehicle, which at the offer price equates to a £1.6billion stake.
Prince Alwaleed, who initially tried to block Musk’s Twitter buyout, took to the platform yesterday to give a strong endorsement for the Tesla chief executive.
‘Great to connect with you my new friend Elon Musk,’ he wrote on the site.
‘I believe you will be an excellent leader for Twitter to propel and maximise its great potential.’
Musk will continue to hold talks with existing holders of Twitter, including company founder Jack Dorsey, to contribute shares to the proposed acquisition, the filing showed.
Twitter stock jumped nearly 3 per cent to $50.5 following Musk’s investor announcement.