Twitter’s new owner Elon Musk is planning to install himself as the company’s temporary CEO after completing his acquisition of the social media platform, according to reports.
The move would confirm Musk’s plans to fire Twitter’s current CEO Parag Agrawal, a vocal opponent of the First Amendment.
Musk solidified his bid to take control of Twitter by getting the financial backing of a few Silicon Valley heavy hitters.
He announced financing from technology legends like Marc Andreessen and Larry Elison.
CNBC is reporting, citing “sources,” that Musk will serve as a temporary CEO of Twitter after he completes his $44 billion takeover of the social media platform.
Elon Musk is planning to take over as temporary CEO of Twitter after he finalizes the acquisition.
Legend.
— Pomp 🌪 (@APompliano) May 5, 2022
The Tesla CEO announced today he secured $7 billion of equity financing and convinced some large stockholders, including Jack Dorsey and a Saudi Prince, to roll over their shares.
Musk was clear he thinks the company is bloated and he will make drastic cuts to improve the bottom line while increasing productivity.
Reporter Mark Di Stefano said: “Elon Musk files new paperwork showing he’s got more than $7bn of equity financing to roll into his Twitter purchase including Binance, some Qatari group, and a Saudi billionaire.”
Elon Musk files new paperwork showing he’s got more than $7bn of equity financing to roll into his Twitter purchase… including Binance, some Qatari group and a Saudi billionairehttps://t.co/EmD3YZIQ0W pic.twitter.com/h1JtbzUNJp
— Mark Di Stefano (@MarkDiStef) May 5, 2022
Ben Horowitz a top Silicon Valley venture capitalist said:
“First some news, we are joining Elon Musk’s bid for Twitter and investing $400MM into the company.
“We invested, because we believe in Ev and Jack’s vision to connect the world and we believe in Elon’s brilliance to finally make it what it was meant to be.
“While Twitter has great promise as a public square, it suffers from a myriad of difficult issues ranging from bots to abuse to censorship.
“Being a public company solely reliant on an advertising business model exacerbates all of these.
“Elon is the one person we know and perhaps the only person in the world who has the courage, brilliance, and skills to fix all of these and build the public square that we all hoped for and deserve.”
From CNBC:
A new filing shows that Oracle co-founder Larry Ellison, venture capital firm Sequoia and crypto exchange platform Binance are among a cohort of investors that plan to support Elon Musk’s $44 billion Twitter takeover.
The SEC filing, published Thursday, shows that Musk has secured $7.14 billion in total.
Multibillionaire Ellison is contributing $1 billion, making him the biggest new backer, while Sequoia is contributing $800 million.
Binance, which has no doubt benefited from Musk’s love of crypto, has committed $500 million.
