Musk eyes Twitter leadership as takeover nears - Mobile World Live

Musk eyes Twitter leadership as takeover nears

06 MAY 2022

Elon Musk reportedly lined himself up to serve as Twitter CEO on an interim basis should his proposed takeover of the company go through, as a filing revealed the entrepreneur secured an additional $7 billion to fund the acquisition.

CNBC reported Musk is expected to take control of the company for a few months, replacing current chief Parag Agrawal who took over from Jack Dorsey in November 2021.

The report is one of the first major indications Musk plans to instigate a leadership shake-up should his $44 billion deal go through.

His bid, valued at $54.20 in cash per share, was accepted by the company’s board of directors late last month. The fate of the deal now lies with Twitter shareholders and regulators.

Musk will however have his hands full should he lead Twitter, considering he also heads automaker Tesla Motors, satellite operator SpaceX and the Boring Company.

Handpicked
Musk’s takeover does appear to be edging closer. A filing with the US Securities and Exchange Commission (SEC) showed he had secured $7.14 billion in equity commitments from investors to fund the deal, with CNBC reporting the billionaire had handpicked contributors.

Investors include Oracle co-founder Larry Ellison, who is lined up to provide $1 billion, with a $5 billion commitment from SpaceX investor Honeycomb Asset Management.

Saudi Arabia’s Prince Alwaleed bin Talal also agreed to roll his existing $1.89 billion investment in Twitter into Musk’s bid, adding he would make an “excellent leader” for the company.

Musk now has financing commitments of $27.25 billion, with 19 investors on board.

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Kavit Majithia

Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >>

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