According to the report, the Tesla CEO told Twitter’s chairman Bret Taylor earlier this month that he does not have confidence in the San Francisco-based company’s management. Parag Agrawal, who was named Twitter’s chief executive in November, is expected to remain in his role until the sale of the company to Musk is completed.
Rumours have been flying thick and fast about the Indian-origin CEO of the social media giant since Musk’s takeover offer was accepted.
The source who told Reuters about Musk’s plans declined to reveal the identity of the replacement, the news agency reported.
Agrawal will receive about $42 million if he is terminated within 12 months of a change in control at the social media company, according to research firm Equilar.
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Musk has been inundated with offers from potential equity partners to join him in the Twitter deal, and he will decide in the coming weeks if he teams up with someone, the report said, citing one of the sources.
It is unlikely that Musk will partner with a private equity firm given that the deal is not structured as a traditional leveraged buyout, the source added.
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Musk disclosed this week that he sold $8.5 billion worth of Tesla shares, a move likely aimed at helping finance his deal for Twitter.
The Tesla chief executive also told the banks he will seek moderation policies that are as free as possible within the legal constraints of each jurisdiction where Twitter operates, the sources said, a position that he has repeated publicly.
