Elon Musk, a South African-born American entrepreneur and businessman, was the founder of PayPal in 1999, Tesla Motors in 2003 and SpaceX in 2002. The billionaire is expected to be the CEO of Twitter but temporarily.
Musk, the richest man globally, purchased this social media firm for 44 billion dollars. He is also the owner of SpaceX and Tesla Motors, but the investors surmised that he might be distracted by this social media business. The Tesla shares dropped 8$ on Thursday, and the investors said that he would not be able to give time to the world’s most valuable electric car company. Instead, he might get involved too much to heed the SpaceX firm.
Parag Agrawal, who was the company’s former CEO, is believed to be the CEO until the process of selling the company is completed. CNBC first reported on Thursday that Musk wants to be the CEO but on an interim basis.
On the other hand, Shares escalated to about 4% at $50.8, which is closer to the deal price of $54.2 as the investors surmise that the new funding makes the completion of the deal more straightforward.
Earlier that day, Musk released a list of investors ready to provide billions of dollars of funding to the company. It includes Oracle’s co-founder Larry Ellison giving 7.1 billion dollars stakes. The Saudi Arabian Prince Alwaleed bin Talal said that Musk would be a great leader for Twitter, and he added his 1.89 billion dollars stake.
Elon musk increased the financing commitment to about $27.2 billion, which includes the undertakings of 19 investors. He also plans to reduce the loan of Morgan Stanley to 6.2 billion dollars, and he has already secured commitments for 13 billion dollars in loans.