Elon Musk is expected to step into the position of temporary CEO for Twitter once histo buy the social network is completed, reported CNBC’s David Faber on Thursday, citing unnamed sources. He’ll reportedly lead the company for a “few months.”
While raising funds for his takeover bid, Musk told banks he has a new CEO lined up for Twitter, according to Reuters, which didn’t report who would take on the role. Parag Agrawal, whoin November, is expected to stay as CEO until the sale is completed.
Twitter shareholders still need to approve the deal, which isn’t expected to close for about six months.
A filing with the US Securities and Exchange Commission on Thursday revealed that Musk has lined up $7 billion in new financing commitments from a group of 19 investors, including Oracle co-founder Larry Ellison, Prince al-Waleed bin Talal of Saudi Arabia and cryptocurrency exchange Binance. The new funding makes the deal less risky for Musk as well as his lenders, according to Bloomberg.
Musk, who runs Tesla, SpaceX and other companies, made an unsolicited offer to takeover Twitter last month and plans to take the company private. Musk has indicated he wants looser content moderation for the platform and has suggested some groups, such as governments and businesses,to use Twitter.
Twitter didn’t immediately respond to a request for comment.