September 27, 2022

Tesla CEO and SpaceX founder Elon Musk said he would significantly increase work ethic standards in Twitter once he officially acquires the social media platform.

Last week, Twitter said it agreed to be acquired by Musk in a deal worth $44 billion (roughly Rs. 3,40,400 crore), although it is still subject to shareholder approval.

“Work ethic expectations would be extreme, but much less than I demand of myself,” Musk said on Twitter on Friday.

The company will be “super focused on hardcore software engineering, design, information security and server hardware,” he added.

Musk previously said that he would like to revolutionize Twitter’s role in public debate as “free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.”

An earlier report mentioned that Musk is expected to become Twitter’s temporary CEO after closing his $44 billion (roughly Rs. 3,40,400 crore) takeover of the social-media firm, a person familiar with the matter said on Thursday, as the billionaire inches closer to securing funds for the deal.

Musk, the world’s richest man, is also the CEO at Tesla and heads two other ventures, The Boring Company and SpaceX. Tesla shares dropped over 8 percent on Thursday, as investors fretted that Musk’s involvement with Twitter could distract him from running the world’s most valuable electric-car maker.

Twitter shares, on the other hand, extended gains and were up about 4 percent at $50.89 (roughly Rs. 3,900), closer to the deal price of $54.20 (roughly Rs. 4,200), as investors bet that the new funding made the completion of the deal more likely. Parag Agrawal, who was named Twitter’s CEO in November, is expected to remain in his role until the sale of the company to Musk is completed. CNBC first reported on Thursday that Musk plans to become CEO of Twitter on an interim basis.

Earlier on Thursday, Musk listed a group of high-profile investors who are ready to provide funding of $7.14 billion (roughly Rs. 54,485 crore) for his Twitter bid, including Oracle’s co-founder Larry Ellison and Sequoia Capital. Musk increased the financing commitment to $27.25 billion (roughly Rs. 2,08,981 crore), which includes commitments from 19 investors, while reducing a margin loan from Morgan Stanley to $6.25 billion (roughly Rs. 47,931 crore). He has already secured commitments for $13 billion (roughly Rs. 99,697 crore) in loans.