Elon Musk, Tesla CEO is expected to serve as the temporary CEO of Twitter for a few months after closing a final deal with the microblogging platform, according to CNBC.
It is not still certain that Musk would seek to install a new CEO, once his takeover of the company is complete.
Musk, who is also the CEO of SpaceX, will replace Indian-born Parag Agrawal, who has retained the position of CEO of the platform since November, 2021.
SpaceX was founded by Musk in 2002 with the goal of reducing space transportation cost to enable the colonization of Mars.
Parag took over from Jack Dorsey who served as the CEO of Twitter for a long time before stepping down in November.
However, the Tesla Boss announced on Thursday that a group of investors has agreed to raise a total of $7 billion to facilitate the deal.
Read also: Elon Musk raises $7 billion for Twitter deal
The $7.14 billion raise was led by Saudi Arabian top investor, Alwaleed bin Talai, who agreed to raise $1.89 billion adding that the sale price was insufficient for Musk to sell his shares.
“Great to connect with you my new friend @elonmusk. I believe you will be an excellent leader for @Twitter to propel & maximise its great potential. @Kingdom_KHC & I look forward to roll our $1.9bn in the new @Twitter and join you on this exciting journey” Alwaleed tweeted.
Similarly, Larry Ellison, Oracle Corp. co-founder who is on Tesla’s board, agreed to put in $1 billion for the deal.
Other people who agreed to raise money for the deal include $500 million from Changoeng Zhao, the billionaire developer who controls Binance.com, and $800 million from venture capital stalwarts Sequoia Capital.
Arms of asset managers, Fidelity Investments, and Brookfield Asset Management Inc. also promised to partake in the fundraiser.
Meanwhile, a report from Bloomberg on Thursday, citing a close source stated the US Federal Trade Commission (FTC) is reviewing Musk’s $44 billion takeover of Twitter.
Twitter shares were marked 4 percent higher in early trading following news of the new financing to change hands at $51.10 each while Tesla shares went down to 2.1 percent lower at $932.75 each, according to the filing on Thursday.
Elon Musk signed a final agreement to buy the platform at $44 billion on 25, April, 2022.
