Elon Musk will become interim CEO of Twitter after he completes his $44 billion acquisition of the social network. This was reported by a person closely familiar with this issue, writes Reuters.
Musk is getting closer to receiving funds for the deal. Parag Agrawal, who was appointed CEO of Twitter in November, is expected to remain in the role until the sale of Musk's company is completed.
Tesla shares have fallen more than 8% in recent days as investors fear that Musk's involvement on Twitter could distract him from managing the electric car maker. Shares of Twitter, on the other hand, continued to rise as investors bet that the acquisition would go ahead and bode well for the company.
After signing a $44 billion deal to buy Twitter last week, Musk said he wants to expand the platform with new features, make algorithms open source to increase trust, defeat spam bots and authenticate all people. The billionaire stressed that this will not affect ordinary private users. But for commercial and government users, they may introduce a moderate fee.
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