Elon Musk expected to become Twitter's temporary CEO once $44B acquisition closes: report
The deal, which would take Twitter private at $54.20 per share, is expected to close in 2022
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Elon Musk is reportedly expected to become Twitter's temporary chief executive officer upon closing of his $44 billion deal to acquire the social media giant.
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The news was reported by CNBC's David Faber on Thursday, citing anonymous sources. Representatives for Musk and Twitter did not immediately return FOX Business' request for comment.
ELON MUSK SECURES $7.1B IN NEW FUNDING FOR TWITTER ACQUISITION
Musk has previously been critical of Twitter CEO Parag Agrawal's approach to free speech, comparing him to the former premier of the Soviet Union, Joseph Stalin.
"I took this job to change Twitter for the better, course correct where we need to, and strengthen the service," Agrawal tweeted on April 27. "Proud of our people who continue to do the work with focus and urgency despite the noise."
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The report comes as Musk has secured $7.1 billion in new funding for the deal from a group of more than a dozen investors, including Oracle co-founder Larry Ellison, cryptocurrency exchange Binance, Fidelity and Brookfield Asset Management. In addition, Saudi Prince Alwaleed Bin Talal Bin Alsaud has agreed to retain his 34,948,975 Twitter shares, worth approximately $1.9 billion.
As a result of the new commitments, Musk's margin loan financing for the deal has been reduced from $12.5 billion to $6.25 billion, while his equity financing has increased from $21 billion to $27.25 billion.
Musk's filing with the Securities and Exchange Commission emphasizes that he is currently in discussions with existing shareholders of Twitter common stock, including co-founder Jack Dorsey, regarding "the possibility of contributing such shares of Common stock, at or immediately prior to the closing of the Merger, in order to retain an equity investment in Twitter following completion of the merger."
The deal, which would take Twitter private at $54.20 per share, is expected to close in 2022, subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals and the satisfaction of customary closing conditions.