According to CNBC’s David Faber, who cited unnamed sources, Elon Musk is expected to temporarily take over as CEO of Twitter Inc. after the buyout agreement is finalised.
Musk previously struck a deal with the social media platform to take the firm private for $54.20 per share, or $44 billion in cash. Musk’s equity commitments for the transaction have now increased to $27.25 billion, according to a filing with the United States Securities and Exchange Commission (SEC) earlier today.
Twitter’s stock rose over 3% in premarket trading on the announcement.
The Wall Street Journal reported on Tuesday that Elon Musk suggested he would take Twitter public again after agreeing to buy it.
According to unidentified sources, the entrepreneur stated that he may conduct an initial public offering (IPO) for the social media giant “within three years of acquiring it.”
When the acquisition is completed later this year, Twitter is expected to go private.