Billionaire Elon Musk may become the interim CEO of Twitter

A filing with the US Securities and Exchange Commission (SEC) on May 5 revealed that Mr Elon Musk secured $7.14 billion in equity pledges from friends and other investors to buy Twitter. A source from CNBC said that billionaire Musk has carefully selected investors, in which Oracle co-founder Larry Ellison pledged to support an amount ranging from $ 1 billion, $ 5 million from Honeycomb. Asset Management, the company that invested in SpaceX…

Twitter CEO Parag Agrawal has only been leading the company for a few months after taking the helm from Dorsey last November. So far, there hasn’t been much discussion about whether Musk’s takeover of the company will lead to a leadership change. Last month, Reuters reported that Musk had arranged a new CEO for Twitter.

On April 25, 2022, Twitter announced it had accepted Tesla CEO Elon Musk’s offer to buy the company for $ 54.20 per share, thereby valuing this social media platform. at $44 billion.

Within just over a dozen days, billionaire Elon Musk has succeeded in acquiring Twitter. According to Reuters, the transaction helps billionaire Elon Musk control the social network, which has about 400 million users.

Mr. Musk’s acquisition of Twitter comes at a pivotal time for the company. Agrawal said he will focus on growing Twitter’s daily active user data and bringing new products to customers. In the company’s latest earnings report, Twitter said it hit 229 million monetized daily active users, up 15.9% from the same period last year.

Billionaire Elon Musk, CEO of Tesla and SpaceX, recently led presentations to investors where he made financial projections based on his analysis on Twitter.

Mr. Musk told investors he felt Twitter’s earnings before interest, taxes, depreciation and amortization margins were too low. He also pledged to make the company a “talent magnet.

Shares of Twitter rose 2.8% on May 5. Shares of Tesla fell more than 8% amid a widespread market sell-off.

Currently, a representative of Twitter declined to comment on the above information.

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