Elon Musk likely to take over as temporary Twitter CEO after acquisition completes: Report

Weeks after the headline-dominant buyout of the microblogging major, Tesla boss Elon Musk is now expected to take over as temporary CEO of Twitter, but only for a few months. Musk will likely take up the apex position in the social media platform shortly after he completes his $44 billion deal to take over the microblogging site, CNBC reported citing sources. If Musk becomes the CEO of Twitter, he will be replacing Parag Agarwal, the incumbent CEO, who took over the position from Jack Dorsey in November last year.

According to an SEC filing, Musk has been able to make approximately $7.14 billion in financial commitments from friends and other investors to purchase Twitter, reported CNBC. Musk's commitments from friends and other investors to buy Twitter range from $1 billion to $5 million. Reportedly, Oracle co-founder Larry Ellison has committed $1 billion while Honeycomb Asset Management has pledged to roll $5 million. As per the CNBC report, Musk has been in talks with Jack Dorsey regarding the possibility of contributing shares immediately or before the deal closes. After Musk acquired the microblogging major, incumbent CEO Parag Agrawal, while speaking to the company's staff, stated that he would continue to remain as Twitter CEO until the deal closes, however, he did not reveal what would happen after the deal completes, The Verge reported. He told Twitter staff that there is "uncertainty" about what will happen after the deal closes. Meanwhile, it is being reported that the deal will close later this year. 

Elon Musk may charge commercial & government users for Twitter 

Earlier in April, the tech mogul acquired Twitter for an estimated $44 billion. On April 14, Musk offered to buy 100% of Twitter for $54.20 per share in cash. The billionaire entrepreneur had announced the deal in an online statement released on the microblogging platform wherein he talked about free speech, spambots and the potential of Twitter in the world. In the statement, he said, “I want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating spambots and authenticating all humans.” Musk further announced that he looked forward to working with the microblogging site. In the latest development, Musk stated that the microblogging platform might charge a slight fee for commercial and government users. He added that Twitter would continue to remain free for the “casual users”.

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