Last week, Twitter said it agreed to be acquired by Musk in
a deal worth $44 billion, 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 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, closer to the deal price of $54.20, 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 for his Twitter
bid, including Oracle's co-founder Larry Ellison and Sequoia Capital. Musk
increased the financing commitment to $27.25 billion, which includes
commitments from 19 investors, while reducing a margin loan from Morgan Stanley
to $6.25 billion. He has already secured commitments for $13 billion in loans.
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