Beautiful Virgin Islands

Saturday, Jul 26, 2025

Musk to lead Twitter temporarily after $44 bln takeover - source

Musk to lead Twitter temporarily after $44 bln takeover - source

Elon Musk is expected to become Twitter's temporary CEO after closing his $44 billion takeover of the social-media firm, a person familiar with the matter said on Thursday, as the billionaire inches closer to securing funds for the deal.

Musk, the world's richest man, is also the CEO at Tesla Inc (TSLA.O) and heads two other ventures, The Boring Company and SpaceX.

Tesla shares dropped over 8% on Thursday, as investors fretted that Musk's involvement with Twitter could distract him from running the world's most valuable electric-car maker.

Twitter shares, on the other hand, extended gains and were up about 4% at $50.89, closer to the deal price of $54.20, as investors bet that the new funding made the completion of the deal more likely.

Parag Agrawal, who was named Twitter's CEO in November, is expected to remain in his role until the sale of the company to Musk is completed. CNBC first reported on Thursday that Musk plans to become CEO of Twitter on an interim basis.

Earlier on Thursday, Musk listed a group of high-profile investors who are ready to provide funding of $7.14 billion for his Twitter bid, including Oracle's co-founder Larry Ellison and Sequoia Capital.


Saudi Arabian investor Prince Alwaleed bin Talal, who had said last month that the deal price was not sufficient for him to sell his shares, said Musk would be an "excellent leader" for Twitter and agreed to roll his $1.89 billion stake into the deal.

"Great to connect with you my "new" friend @elonmusk ... Kingdom Holding Company and I look forward to roll our ~$1.9 bn in the "new" Twitter," Alwaleed said in a tweet.

Musk increased the financing commitment to $27.25 billion, which includes commitments from 19 investors, while reducing a margin loan from Morgan Stanley to $6.25 billion. He has already secured commitments for $13 billion in loans.


The other investors include crypto firm Binance, New York-based real estate tycoon Steven Witkoff's firm and DFJ Growth IV Partners, which has investments in the Boring Company, SpaceX, SolarCity and Tesla.

"We hope to be able to play a role in bringing social media and web3 together and broadening the use and adoption of crypto and blockchain technology," Binance CEO Changpeng Zhao said.

Reuters reported on Monday that Musk was in talks with large investment firms and high-net-worth individuals about taking on more financing for his Twitter acquisition and tying up less of his wealth in the deal.

Musk will continue to hold talks with existing shareholders of Twitter, including the company's former chief Jack Dorsey, to contribute shares to the proposed acquisition, according to a regulatory filing.

Larry Ellison, a board member at Tesla and a self-described close friend of Musk, has committed $1 billion for the funding.

Musk, a self-proclaimed free speech absolutist who has advocated user-friendly tweaks to Twitter, such as an edit button and defeating "spam bots" that send overwhelming amounts of unwanted tweets, has previously said he would try to keep as many investors in Twitter as possible.

Investors have been fretting over whether Musk will complete the Twitter deal.

In April, he decided at the last minute not to take up a seat on Twitter's board. In 2018, Musk tweeted that there was "funding secured" for a $72 billion deal to take Tesla private but did not move ahead with an offer.

Musk would have to pay a $1 billion termination fee to Twitter if he walked away, and the social media company could also sue him to complete the deal.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
×