Elon Musk Expected To Serve As Temporary Twitter CEO After Deal Closes

May 11, 2022

Elon Musk Expected To Serve As Temporary Twitter CEO After Deal Closes

After Elon Musk completes his $44 billion acquisition of Twitter, he will be a temporary CEO of the social media company for about a few months, sources familiar with the matter said.

According to a Securities and Exchange Commission filing on Thursday, Musk secured about $7.14 billion in equity commitments from friends and other investors to purchase Twitter. According to sources, Musk personally chose the investors. There is a range of investments ranging from $1 billion from Oracle co-founder Larry Ellison to $5 million from Honeycomb Asset Management, an investor in SpaceX. The source indicated that Twitter ex-CEO Jack Dorsey might back the company, and Musk has been in contact with him regarding the possibility of donating shares immediately after the merger is completed.

Parag Agrawal was appointed CEO of Twitter last November after Twitter's former CEO Jack Dorsey stepped down. So far, Musk's acquisition hasn't caused a lot of discussion about whether it will result in a leadership shakeup. An anonymous source familiar with the matter told Reuters that Musk was in the process of selecting a new CEO for Twitter last month.

According to Reuters, Agrawal discussed Twitter's leadership uncertain future at last month's company-wide gathering.

Asked whether former US President Donald Trump might return to the platform once Musk takes over, Agrawal reportedly responded, "We don't know what will happen after the deal closes." Trump's account was banned from Twitter permanently last year.

The acquisition by Musk of Twitter comes at an important time for the firm. In his remarks, Agrawal stated that he would be focused on bringing new products to customers and increasing Twitter's daily active user base. According to Twitter's most recent earnings report, the company is now monetizing 229 million daily active users, an increase of 15.9% over last year's same period.

According to an anonymous source familiar with the matter, Musk, who is CEO of Tesla and SpaceX, recently presented financial projections based on his analysis of Twitter to investors.

In a presentation to investors, Musk said that Twitter's earnings before interest, taxes, depreciation, and amortization margin were low, and the company has an "excessive number of engineers who are not doing enough," sources said. Musk also promised to turn Twitter into a "magnet-for-talent" company.

During Thursday's trading session, Twitter shares increased 2.8%. Tesla shares dropped more than 8% amid a general decline in the market.

Representatives of Twitter did not respond to requests for comment.

Subscribe Our Newsletter

Insider News: China's E-Commerce Giant JD.Com Is Reportedly Laying Off At Least 400 Workers, Adding To Massive Layoffs Seen At Other Major Chinese Tech Firms Like Alibaba And Tencent
Insider News: China’s E-Commerce Giant JD.Com Is Reportedly Laying Off At Least 400 Workers, Adding To Massive Layoffs Seen At Other Major Chinese Tech Firms Like Alibaba And Tencent

JD.com's announcement came after claims that Alibaba, another e-commerce behemoth, was also contemplating cutting off at least 15% of its workforce in 2022. This would result in the loss of almost 39,000 employment, Reuters said, referencing anonymous individuals.

Companies
Bitcoin Is Rebounding. Here’s One Reason
Bitcoin Is Rebounding. Here’s One Reason

After a rough year, Bitcoin prices have begun to recover in the last month, with small-scale investors pouring money into cryptocurrencies. Bitcoin prices increased by about 20% in July, reaching nearly $24,000 from under $20,000. Nonetheless, the biggest cryptocurrency has fallen two-thirds from its all-time peak in November 2021.

Crypto
Get the ultimate solution: B2BinPay Get the ultimate solution: B2BinPay
Sponsored
Alexander

What Are Automated Market Makers (AMMs)?
In this article, we will explore the concept of AMMs (Automated Market Makers) and how they can enhance the DeFi landscape for both projects and traders.

discover
Top 5 Most Distinguished White Label Solutions in 2022

Constantine

Top 5 Most Distinguished White Label Solutions in 2022

Any partnership in business is always individual in nature and has its own prerequisites. Someone is trying to find new channels and ways of development, someone comes to integrate with a partner not from a good life.

Forex Business
Contact us bg

Contact Us

Contact the Liquidity Provider
for any questions and advertising inquiries

    Please fill out this contact form to get in touch with us

    / 3000

    By clicking “Get in touch” button, you agree to the privacy policy

    Successful!
    Thank you for your request.
    We will contact you shortly.
    Close

    Constantine

    Best DAO Projects in 2025

    Best DAO projects in 2025

    Alexander

    Crypto Nodes That Pay: Your 2025 Guide to Top Passive Income Opportunities in Crypto

    crypto nodes that pay

    Alex

    Pi Network: Scam or Groundbreaking Crypto? The Full Analysis

    Pi Network Explained

    Constantine

    Triple Net Lease: Meaning, Benefits, and Strategies Explained

    Triple Net Lease

    Constantine

    Hanging Man Pattern: How to Identify and Trade It Effectively

    Hanging Man Pattern

    Alex

    5 Infinite Banking Mistakes That Could Cost You Thousands

    Infinite Banking Mistakes to Avoid

    Aleksander

    Solana Firedancer: Solving Solana’s Biggest Problems with a New Engine

    Solana Firedancer explained

    Alexander

    What Is an Interest Coverage Ratio? How to Use This Financial Metric to Evaluate Company Health

    Interest Coverage Ratio Explained

    Hazem

    After-Hours Trading: Can You Trade After Financial Markets Close?

    After-Hours Trading Explained

    Alexander

    How to Scale a Crypto Exchange Business and Stay Competitive

    how to scale crypto exchange business

    Constantine

    Crypto CrypticStreet Review: The Future of DeFi and Secure Crypto Trading

    Crypto CrypticStreet Review: The Future of DeFi and Secure Crypto Trading

    Alexander

    Bitcoin Power Law Explained: How It Shapes BTC’s Long-Term Growth

    Bitcoin Power Law Explained: How It Shapes BTC’s Long-Term Growth

    Hazem

    Megaphone Pattern​: What Is It? How to Use It In Trading

    Megaphone Pattern​: How to Read & Trade with It

    Constantine

    Top 5 Liquidity Bridge Providers in DeFi

    Top 5 Liquidity Bridge Providers in DeFi

    Hazem

    Max Funded IUL Explained: Is It a Legitimate Financial Strategy?

    Understanding Max Funded IUL

    Alexander

    Tax Refund Timeline: When Will You Get Your Tax Return?

    how long does it take for tax refund

    Constantine

    Crypto Liquidity — What is it, and How to Measure It?

    What is Crypto Liquidity and How to Measure It?

    Constantine

    AI in Finance: A Game-Changing Trend Shaping the Industry

    AI in Finance

    Hazem

    5 Ways to Make Money with ChatGPT and Build Your Wealth

    Make Money with ChatGPT

    Constantine

    Top AI Companies to Invest in April 2025

    Top AI Companies to Invest in March 2025

    DeepSeek vs ChatGPT: Which AI Technology is Better For You?

    DeepSeek vs ChatGPT: Feature-by-Feature AI Tool Comparison

    Constantine

    Top Solana Meme Coins in 2025: Best Presales and Where to Buy

    Solana Meme Coins 2025

    Alexander

    How Renewable Energy Stocks Can Supercharge Your Portfolio

    How Renewable Energy Stocks Supercharge Your Portfolio

    SEC Crypto Regulations: What Financial Advisors Need to Know

    SEC Crypto Regulations: Insights for Financial Advisors
    liquidity-provider-logo
    • News
      • Stock Market Forecast
      • Stocks
      • Banks and Finance
      • Companies
      • Crypto
      • Forex
      • AI
      • Technology
      • DeFi
      • NFT
    • Articles
      • Crypto Payments
      • Trading
      • Crypto Exchange Business
      • Forex Business
      • Fintech
      • Liquidity
      • FinTech Awards
      • Blockchain
      • Investing
      • NFT
      • DeFi
    • More
      • Videos
      • Liquidity Providers List
      • Crypto Payment Providers
      • White Label Brokerage Platforms
      • Broker CRM Platforms
    [email protected]

    © 2024 Liquidity Provider. All Rights Reserved

    Privacy Policy Cookie Policy
    This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.