Elon Musk is likely to take over as a temporary CEO of Twitter when the $44 billion takeover deal is through, the media reported on Thursday. Parag Agrawal has been leading the micro-blogging platform Twitter since November, after taking over the helm from Jack Dorsey.
A fresh US SEC filing on Thursday also revealed that Musk has secured nearly $7.14 billion in equity commitments from friends and other investors to acquire Twitter. Musk received $1 billion from Oracle co-founder Larry Ellison and $5 million from Honeycomb Asset Management, which invested in his SpaceX company, the report mentioned. Twitter stock jumped nearly 3 per cent after the latest news, while Tesla’s shares went down more than 4 per cent.
Advertisers are having nightmares as free speech can hamper their prospects on the platform as their brand’s name may appear alongside hate speech and abusive or dangerous content without moderation. Nearly 26 activist organisations and NGOs have signed a letter to Twitter advertisers, asking them to boycott the platform if Musk makes content moderation changes.