Elon Musk will temporarily become CEO of Twitter once his $44 billion Twitter takeover is complete.
Twitter chief executive Parag Agrawal is expected to remain in his post until the sale to Musk is completed.
News of Musk’s appointment as interim CEO of Twitter saw Tesla shares fall 8% on Thursday with investors concerned that Musk’s involvement with Twitter could distract him from running Tela.
While Telsa stock fell, Twitter shares jumped 4% to $50.89.
Although he has been given the green light to take over Twitter, the deal has yet to be finalised as Musk struggles to raise funds to fund the deal.
Tesla’s investors have expressed concern about the billionaire’s decision to take over Twitter, fearing that Musk’s decision to take a portion of his stake in Tesla could affect the company’s shares.
There are also fears that Musk may not be able to properly manage Twitter, Tesla and other companies that he owns.
On Thursday, Musk announced a list of investors who will help him raise $7.14 billion for his Twitter bid.
The sources for this piece include an article in Reuters.