CHARLOTTE, N.C. (QUEEN CITY NEWS) – Twitter has a new owner.

Billionaire Elon Musk closed his $44 billion deal to buy the social media last Thursday night. He is already changing Twitter by firing its CEO and top executives.

Musk initially agreed to by the company back in April, then tried to back out of the deal. The Tesla and Space Z founder is concerned about the number of bots on Twitter.

Twitter executives sued Musk then to get him to go through with his agreement.

Musk is spending nearly $27 billion in his own money and assets to acquire the platform and relying on investors and big banks for the rest.

After announcing his plans to buy Twitter, Musk recurred about $13 billion from big banks, including Charlotte-based Bank of America.

Bank of America is expected to loan about $2.5 billion in debt financing.

In a sit-down interview with CNBC Friday morning, the bank’s CEO Brian Moynihan was asked if he was losing sleep over the deal.

“I’ve got experts that handle the clients, and I don’t lose sleep on them. I lose sleep for a lot of other things but not for that,” Moynihan said.

While those funding the take-over remain unbothered by Musk’s antics, others online are skeptical of his approach to the platform’s free speech policies and content control.

Some Twitter users vowed to no longer use the platform.

In a tweet Friday afternoon, the new owner said the platform would be forming a content moderation council to oversee reinstatements.

“There are so many ethical concerns with social media in the first place,” UNC-Charlotte Associate Professor of Psychology Sara Levens said.

In the aftermath of Musk’s buyout, Twitter was de-listed from the New York Stock Exchange, making it a private company.

“It is suggested that when you move to private ownership that there is a move for potentially a great deal more of distrust and question with regard to how the company is run,” Levens said.

Queen City News reached out to Bank of America for a statement regarding its role in funding Twitter’s acquisition.

A spokesperson with the company said, “no comment.”