Elon Musk said on Wednesday that he hopes to reduce his time at Twitter and eventually find a new leader to run the social media company, adding that he expects to complete an organizational restructuring this week.
Musk made the remarks while testifying in a Delaware courtroom to defend against allegations that his $56 billion pay package at Tesla was based on easy-to-achieve performance targets and approved by a compliant board of directors.
Tesla investors are increasingly concerned about the time Musk is dedicating to transforming Twitter. Tesla shares were down 3% at midday.
“There is an initial burst of activity needed after the acquisition to reorganize the company,” Musk said in his deposition. “But I hope to reduce my time on Twitter.”
Musk also admitted that some Tesla engineers were helping Twitter’s engineering teams evaluate, but said it was “voluntary” and “off-hours”.
The billionaire’s first two weeks as owner of Twitter were marked by rapid change and chaos. He quickly fired Twitter’s previous chief executive and other senior leaders, and then fired half of Twitter’s staff earlier this month.
Musk sent an email to Twitter employees on Wednesday, saying they needed to decide by Thursday whether they wanted to stay with the company to work “long hours at high intensity” or receive a three-month severance pay.
Source: CNN Brasil
A journalist with over 7 years of experience in the news industry, currently working at World Stock Market as an author for the Entertainment section and also contributing to the Economics or finance section on a part-time basis. Has a passion for Entertainment and fashion topics, and has put in a lot of research and effort to provide accurate information to readers.
