Sources told CNBC that Musk is expected to serve as a temporary CEO of the social media company for a few months after he completes his $44 billion takeover of the company.
Musk secured $7.14 billion in equity commitments from friends and other investors to buy the company. The investors Musk chose ranged from $1 billion from Larry Ellison to $5 million from Honeycomb Asset Management. Jack Dorsey may back it, and Musk is talking to him about the possibility of contributing shares immediately or prior to the closing of the merger.
After taking over the helm from Jack Dorsey last November, Parag Agrawal has only led the company for a few months. There hadn't been much discussion about whether Musk's takeover of the company would lead to a leadership shakeup. According to a source familiar with the matter, Musk had lined up a new CEO for the company.
There is a developing story. You can check back for updates.
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