Elon Musk is expected to serve as Twitter’s temporary CEO for a few months once he completes his $44 billion takeover of the company
Last month, Twitter accepted an offer from Elon Musk to buy the company and take it private. Then, he offered to buy the company at $54.20 per share, his “best and final.” That offer valued Twitter at about $43 billion.
A recent SEC filing revealed Musk secured approximately $7.14 billion in equity commitments from friends and other investors to buy Twitter. Commitments range from $1 billion from Oracle co-founder Larry Ellison to $5 million from Honeycomb Asset Management, which invested in SpaceX.
In the company’s latest earnings report, Twitter said it hit 229 million monetizable daily active users, a 15.9% increase from the same period last year.