SpaceX and Tesla founder Elon Musk is reportedly set to take over as the interim CEO of Twitter after completing his $44 billion takeover of the Jack Dorsey-founded microblogging platform.

While current CEO Parag Agrawal, who was appointed to the role in November 2021, will remain in charge till the completion of the sale, CNBC, citing sources familiar with the matter, reported that Musk had plans to take over as the interim CEO after the sale.

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The news came on a day when Tesla shares dipped by 8%, driven by growing concerns among investors about Musk getting distracted by the Twitter takeover.

However, Twitter shares soared by 4%, on the back of news of additional funding for Musk’s $44 billion acquisition.

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Earlier on Thursday, the world’s richest man provided an update about his impending acquisition of Twitter, announcing an additional $7.13 billion in funding from high-profile investors such as Sequoia Capital and Oracle co-founder Larry Ellison.

Other investors backing Musk’s bid include crypto firm Binance, New York real-estate tycoon Steven Witkoff’s Witkoff Capital, and DJF Growth Venture Capital that already has investments in other Musk companies including SpaceX, Tesla, and the Boring Company.

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With the new investments, Musk increased the financing commitment for the deal to $27.25 billion, including commitments from 19 investors. Reuters further reported that the 50-year-old billionaire is in talks with large investment firms and high net-worth individuals to secure additional funding for the deal.

A self-proclaimed “free speech absolutist,” Musk was long rumoured to be planning a takeover of Twitter, a platform he himself extensively uses. After weeks of speculation, Twitter on April 25, 2022, agreed to the deal.