It is anticipated that Elon Musk will become Twitter's temporary CEO after closing his $44-billion takeover of the social media giant, a source connected to the deal told CNBC's David Faber on Thursday..Musk is already the CEO at Tesla Inc. and is at the helm of two of his other ventures — The Boring Company and SpaceX. Musk is currently ranked as the world's wealthiest person..The Twitter share price was up around 4% at $50.89 — closer to the deal price of $54.20 — as investors bet that the new funding made the completion of the buyout almost inevitable..An SEC filing on Thursday revealed Musk raised about US$7.14 billion in equity from friends and other investors to make his purchase of Twitter. Investor commitments range from $1 billion from Oracle co-founder Larry Ellison, to $5 million from Honeycomb Asset Management — a SpaceX investor..Other investors include digital currency corporation, Binance, real estate company Witkoff, and DFJ Growth IV Partners..Parag Agrawal who landed Twitter's CEO job only six months ago in November, taking over from Jack Dorsey, is expected to stay in the role until the company is handed over to Musk. CNBC first reported on Thursday Musk's plan to take the CEO position until he finds a suitable replacement.."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..In a Twitter town hall meeting last month, Agrawal reportedly told employees, “Once the deal closes, we don’t know which direction the platform will go,” when asked whether the company may allow former US President Donald Trump to return to the platform when Musk takes over..Musk informed his investors that he believed Twitter’s gross profits were too low and that the company has “too many engineers not doing enough,” Faber said. Musk also announced he would make the company a “magnet for talent,” Faber added..In its latest earnings report, Twitter said it hit 229 million monetizable daily active users — a 15.9% increase from the same period in 2021..Musk stands to lose a $1-billion termination fee to Twitter if he folds on the deal.
