Tesla CEO and SpaceX founder Elon Musk has said he will significantly raise the standards of work ethic on Twitter once it officially acquires the social media platform.
Last week, Twitter said it had agreed to be acquired by Musk in a $ 44 billion deal (approximately 3,400,400 kroner), although it is still subject to shareholder approval.
“Expectations of work ethic 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 has previously said he would like to revolutionize Twitter’s role in public debate, as “freedom of speech is the foundation of a functioning democracy, and Twitter is the digital city square where issues vital to the future of humanity are discussed.”
An earlier report mentioned that Musk was expected to become interim CEO of Twitter after completing the acquisition of the social media company for $ 44 billion (approximately Rs. 3.40,400 crore), said a person familiar with the matter. on Thursday as the billionaire approaches to secure funds for the deal.
Musk, the world’s richest man, is also CEO of Tesla and heads two other ventures, The Boring Company and SpaceX. Shares of Tesla fell more than 8 percent on Thursday as investors worried that Musk’s involvement in Twitter could distract him from managing the world’s most valuable electric car maker.
Shares of Twitter, on the other hand, increased profits and rose about 4 percent to $ 50.89 (approximately Rs 3,900.), Closer to a deal price of $ 54.20 (approximately Rs. 4,200.) As investors bet that the new funding has led to the completion of the deal is more likely. Parag Agraval, who was appointed CEO of Twitter in November, is expected to remain in office until the sale of Musk’s company is completed. CNBC first announced on Thursday that Musk plans to become interim CEO of Twitter.
Earlier on Thursday, Musk listed a group of high-profile investors willing to provide $ 7.14 billion in funding (approximately Rs 54,485) for his Twitter offer, including Oracle co-founder Larry Ellison and Sequoia Capital. Musk increased its financing commitment to $ 27.25 billion (approximately Rs. 2.08.981 Crore), which includes commitments from 19 investors, while reducing the margin loan from Morgan Stanley to $ 6.25 billion (approximately Rs. 47.931 Crore). He has already committed $ 13 billion (approximately Rs 99,697) in loans.