Elon Musk reportedly plans to serve as Twitter’s interim chief executive after his $44 billion takeover of the social media giant is complete – adding yet another CEO title to his busy schedule.
The 50-year-old tech tycoon — who is currently CEO of Tesla and SpaceX, as well as smaller startups including the brain-implanted computer company Neuralink — is expected to fill the top job at Twitter on a temporary basis likely lasting a few months, CNBC reported on Thursday, citing sources familiar with the matter.
The report appeared to spook Tesla investors. Shares of the Musk-led electric car firm were trading more than 3% lower after the opening bell.
Representatives for Twitter and Musk did not immediately return a request for comment on the report.
Musk has yet to publicly address his plans for Twitter’s long-term leadership. He has outlined several goals for the app once the deal closes, including a renewed focus on free speech, the elimination of spam bots and an overhaul of Twitter’s monetization strategy.
Last week, Reuters reported that Musk has already identified a CEO candidate for Twitter – though the individual has yet to be identified.
Musk’s buyout has sparked speculation that current executives, such as Twitter CEO Parag Agrawal and the company’s top legal officer, Vijaya Gadde, will be out of a job when the transaction is complete.
Elon Musk is also CEO of Tesla and SpaceX.WireImage
Agrawal has served as Twitter’s CEO for just a few months, having replaced the company’s founder and former boss Jack Dorsey last November.
An SEC filing earlier Thursday revealed Musk has secured more than $7 billion in funding from outside investors to back his bid, including Oracle co-founder Larry Ellison, private equity giant Sequoia Capital and billionaire Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Al-Saud.
The filing also showed that Musk will continue to engage with other potential investors – including Dorsey, who may contribute some of his shares toward the acquisition.
Former Twitter CEO Jack Dorsey could contribute shares to Elon Musk’s buyout bid.Bloomberg via Getty Images
Last week, Tesla shares sold off after Musk dumped more than $8 billion of his stock in the company as he prepared to fund his Twitter bid. Musk said he does not plan to sell any more Tesla stock.
Musk offered to buy Twitter at $54.20 per share after an earlier deal for him to take a seat on the company’s board fell apart. Musk indicated that he lacked confidence in Twitter’s current management to achieve his desired objectives.
While pitching banks to back his bid for Twitter, Musk outlined plans to slash executive pay, among other cost-cutting measures, according to Reuters.