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Jan 16, 2023

QIA CEO Says Wealth Fund Trusts Elon Musk’s Twitter Leadership

Simone Foxman and Francine Lacqua, Bloomberg News

Twitter headquarters in San Francisco, California, US, on Tuesday, Nov, 29, 2022. Twitter Inc. said it ended a policy designed to suppress false or misleading information about Covid-19, part of Musk's polarizing mission to remake the social network as a place for unmoderated speech. Photographer: David Paul Morris/Bloomberg

Twitter headquarters in San Francisco, California, US, on Tuesday, Nov, 29, 2022. Twitter Inc. said it ended a policy designed to suppress false or misleading information about Covid-19, part of Musk's polarizing mission to remake the social network as a place for unmoderated speech. Photographer: David Paul Morris/Bloomberg , Bloomberg

(Bloomberg) --

The chief executive officer of the Qatar Investment Authority says the sovereign wealth fund supports Elon Musk’s vision for Twitter Inc., despite the turmoil that’s accompanied the US billionaire’s takeover.

“We engage with the management, with Elon in terms of the plan that he has for the company, and we believe in this, and we trust his leadership in terms of turning around the company,” CEO Mansoor Al Mahmoud said in a Bloomberg Television interview at Davos on Monday.

The executive said the QIA hasn’t asked the Twitter chief to cut back on tweeting, saying that the fund isn’t involved “to that extent.”

The QIA helped finance the acquisition of Twitter, contributing $375 million to the $44 billion deal. The acquisition has triggered an exodus of workers as Musk looks to cut costs, raising concerns about whether Twitter can sustain its operations and regulate content.

Read More: Qatar Fund to Reposition $450 Billion Portfolio Amid Turmoil

--With assistance from Archana Narayanan.

©2023 Bloomberg L.P.

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