Tesla Chief Likely To Take Over As Temp Twitter CEO: CNBC

  • Tesla, Inc TSLA chief Elon Musk will likely serve as Twitter, Inc's TWTR temporary CEO for a few months post the $44 billion takeover closes, CNBC reports.
  • As per sources to CNBC's David Faber, Musk recently led investor presentations offering financial projections based on his analysis of Twitter.
  • Musk complained against Twitter's EBITDA margin being low with "too many engineers not doing enough," pledging to make the company a "magnet for talent,"
  • Musk recently secured $7.14 billion in equity commitments from handpicked friends and other investors to buy Twitter.
  • The equity commitments range from $1 billion from Oracle Corporation ORCL co-founder Larry Ellison to $5 million from Honeycomb Asset Management, which invested in Musk-led SpaceX. 
  • Twitter co-founder Jack Dorsey may back the equity commitments. 
  • According to Faber, Musk is negotiating with Dorsey about the possibility of contributing shares immediately or before the closing of the merger.
  • Previously media reports cited that Musk had lined up a new CEO for Twitter, leaving the current CEO Parag Agrawal's fate undecided.
  • TWTR Price Action: TWTR shares traded higher by 2.98% at $50.52 on the last check Thursday.
  • Photo via Wikimedia Commons
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