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Translated by: MOS Translation team – Beyond X

According to sources, Elon Musk, CEO of U.S. electric vehicle (EV) Tesla, will become the interim CEO of Twitter after the acquisition.

Agrawal, who took over as Twitter’s CEO last November, is expected to succeed to his current position until the acquisition is completed. 

Musk has secured $7.14 billion in acquisition funding from investors including software giant Oracle co-founder Larry Ellison, according to regulatory filings. 

Mr. Ellison will invest $1 billion and Saudi Prince Al Waleed bin Talal has agreed to contribute almost $1.89 billion Twitter shares. 

In addition, venture firm Sequoia Capital and cryptocurrency exchange Binance will also provide funding.  

Last month, Musk agreed to buy Twitter for $44 billion. But Musk’s margin loan against his shares in Tesla is reduced to $6.25 billion from $12.5 billion.

Tesla’s shares fell 8% in the afternoon, the reason maybe the investors worried that Musk’s involvement in Twitter could lead to negligent management of Tesla. 

On the other hand, Twitter shares were higher, up about 4% to $50.89 per share, close to the $54.20 a share offered by Musk. The possibility of completing the acquisition is believed to be high as the new funds are available.  

Source: https://gnews.org/zh-hans/2480314/

Proofread/Edited by: James L
Posted by: James L

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