Musk expected to serve as temporary Twitter CEO -report

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STORY: Shares of Twitter rallied, while Tesla shares plunged with the rest of the stock market Thursday, after CNBC reported that Elon Musk may be the temporary CEO of the social media company.

Musk, the world's richest man, is also the CEO at Tesla and heads two other ventures, The Boring Company and SpaceX.

Earlier on Thursday, Musk said in a filing he had secured just over $7 billion in funding from a group of investors, including billionaire Oracle co-founder Larry Ellison, to fund Musk's $44 billion takeover of Twitter.

The filing also showed that Saudi Arabian investor Prince Alwaleed bin Talal, who had initially opposed the buyout, also agreed to roll his $1.89 billion stake into the deal rather than cashing out.

Musk will continue to hold talks with existing shareholders of Twitter, including the company's former chief Jack Dorsey, to contribute shares to the proposed acquisition.

Larry Ellison, a board member at Tesla and a self-described close friend of Musk has committed $1 billion for the funding.

Meanwhile-Tesla shares were down more than 7% in Thursday morning trading, indicating that investors were concerned about Musk's increased involvement in Twitter.

Twitter shares extended gains, but were still shy of Musk's offer of $54.20.