Elon Musk will reportedly take over the role of CEO at Twitter after the acquisition is complete, but the plan is to not hold it for long. Where have we heard that before?
When Elon Musk became CEO of Tesla in 2009, it was only supposed to be for a few months until they found a replacement. 13 years later, he is still the CEO of Tesla.
Now as Musk is buying Twitter and taking it private, he is going to take over the CEO role “for a few months” according to a new report from CNBC:
Elon Musk is expected to serve as a temporary CEO of Twitter for a few months after he completes his $44 billion takeover of the social media company, sources told CNBC’s David Faber.
Musk hasn’t officially commented on Twitter leadership situation yet, but there have been reports that he has already lined up a new CEO. This is the first report that claims Musk plans to personally take over – at least for a few months.
Today, a new SEC filing also revealed that Musk is bringing other investors totaling $7.14 billion in equity financing for the Twitter acquisition. Oracle co-founder Larry Ellison, who also sits on Tesla’s board, is investing $1 billion. Tesla’s stock is down 7% today following the news, though the broader market is also down.
The acquisition has already been taking Musk’s time away from Tesla’s, and it is expected to take even more time once the acquisition goes through – more so if he comes CEO even temporary.
Also, it’s always difficult to know how “temporary” things really are.
Of course, it’s not exactly the same situation as Tesla in 2009. It is likely much easier to attract a top talent to head Twitter today than it was to get someone to lead an automotive startup in 2009 when hundred-year-old automakers were going bankrupt.
But there’s no doubt that Musk is going to spend more time working on Twitter in the coming months.
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