Elon Musk has expressed his intention to limit his time at Twitter and eventually find a new chief executive to run the social media company, adding that he hopes to complete an organizational restructuring this week.
Musk made these statements during his testimony in a Delaware court, in which he is asked to prove that he "deserved" a giant pay package that Tesla's board of directors decided in his favor in 2018. And that's because the shareholder of the electric company auto magnate Richard Tornetta sued Musk and the company's board, accusing them of approving $56 billion in pay in favor of the mogul under his pressure.
However, Musk later said in a tweet that he would continue to run Twitter until he was in a strong position, though "it will take some time."
Musk's tweet came after former CEO Jack Dorsey said he would not accept the role of CEO of Twitter. In response to a Twitter user, when asked if he would take over as CEO, he said "no".
The concerns at Tesla
Tesla investors are increasingly concerned about Musk's time on Twitter.
For his part, the eccentric billionaire says he made some Tesla decisions without board approval and defends his $56 billion pay.
"There is an initial burst of activity required after the acquisition to reorganize the company," Musk said in his filing. "But then I'll reduce my time on Twitter."
Musk also admitted that some Tesla engineers were helping evaluate Twitter's engineering teams, but said it was on a "volunteer basis" and "after hours."
Two weeks of chaos on Twitter
The billionaire's first two weeks as Twitter owner have been marked by rapid change and chaos. He quickly fired Twitter's previous CEO and other senior executives, then laid off half its staff.
Musk sent an email to Twitter employees early Wednesday, telling them they had until Thursday to decide whether they wanted to stay at the company to work "long hours and at high intensity" or take a three-month severance package.
SOURCE: OT