Elon Musk, Tesla''s CEO and SpaceX CEO, said that he would significantly increase work ethic standards on Twitter once he acquired the social media platform.
Twitter claimed on Thursday that it would be acquired by Musk in a $44 billion deal (approximately Rs. 3,40,400crore) although it is still subject to shareholder approval.
"Work ethic expectations will be high, but they are much less than I anticipated of myself," Musk said on Twitter on Friday.
He added that the company will be "super focused on hardcore software development, design, information security, and server hardware."
Musk previously stated that he intends to revolutionize Twitter''s role in public debate as "free speech is the foundation for a functioning democracy, and Twitter is the digital town square in which debates happen. "
Musk is expected to be Twitter''s interim CEO after closing his $44 billion (roughly Rs. 3,40,400crore) acquisition, according to a person familiar with the issue on Thursday, as the billionaire reaches the agreement.
- Musk''''s Twitter Buyout Reportedly Faces US Antitrust Review
Musk, the world''s richest man, is also Tesla''s CEO and has led two other ventures, The Boring Company and SpaceX. Tesla shares fell by 8 percent on Thursday, as investors believe Musk''s involvement with Twitter might divert him from directing the world''s most valuable electric-car manufacturer.
Twitter''s stock remained steady on the back of $50.89 (roughly Rs. 3,900), closer to the deal price of $54.20 (roughly Rs. 4,200), according to investors. Musk intends to become CEO of Twitter on an interim basis.
- Elon Musk Said to Become Temporary Twitter CEO After Takeover
- Gates Says He''''s Uncertain About Musk''''s Move to Buy Twitter
Musk increased its financing commitment to $27.25 billion (roughly Rs. 2,08,981 crore) with pledges from 19 investors, but reduced a margin loan from Morgan Stanley to $6.25 billion.