Elon Musk will be the temporary CEO of Twitter in a few months.
It was found that Musk received approximately $7.14 billion in equity commitments from friends and other investors to buy Twitter. Faber said Musk handpicked the investors. Commitments range from $1 billion from Oracle co-founder Larry Ellison to $5 million from Honeycomb Asset Management, which invested in SpaceX.
Agrawal told employees during a companywide town hall meeting last month that the future of Twitter is uncertain under Musk.
“Once the deal closes, we don’t know which direction the platform will go,” Agrawal reportedly said when asked whether the company may allow former U.S. President Donald Trump to return to the platform when Musk takes over. Trump was permanently suspended from Twitter last year.
Agrawal has said he would focus on growing Twitter’s daily active user base and bringing new products to customers.
Musk gave financial projections based on his analysis of Twitter in front of the investors.
Musk told investors that he felt Twitter’s earnings before interest, taxes, depreciation, and amortization margin was too low and the company has “too many engineers not doing enough,” Faber said, citing sources familiar. Musk also pledged to make the company a “magnet for talent,” Faber added.
Shares of Twitter rose 2.8% on Thursday. Tesla’s stock slid more than 8% amid a broader market selloff.
Representatives from Twitter have declined to comment.