By India Blooms News Service Nov 17, 2022
San Francisco/UNI: Elon Musk said he will reduce his time at Twitter eventually giving way to a new leader to run the social media company.
He is also hoping to finish the organisational restructuring this week.
Musk made the remarks while testifying in a Delaware court on Wednesday while defending against claims that his $56 billion pay package at Tesla Inc was based on easy-to-achieve performance targets and was approved by a compliant board of directors.
However, Musk later said in a tweet that he will continue to run Twitter until it is in a strong place, though it will take some time.
Musks tweet came after former CEO Jack Dorsey said that he will not accept the role of Twitter CEO.
In a reply to a Twitter user when asked if he would take the position of CEO, he said nope.
Tesla investors have been increasingly concerned about the time that Musk is devoting to turning around Twitter.
Theres an initial burst of activity needed post-acquisition to reorganise the company, Musk said in his testimony.
But then I expect to reduce my time at Twitter.
Musk also admitted that some Tesla engineers were assisting in evaluating Twitters engineering teams, but he said it was on a voluntary basis and after hours, a report in Dawn said.
The billionaires first two weeks as Twitters owner has been marked by rapid change and chaos.
He quickly fired Twitters previous CEO and other senior leaders and then laid off half its staff earlier this month.
Musk sent an email to Twitter employees early on Wednesday, telling them they needed to decide by Thursday whether they wanted to stay on at the company to work long hours at high intensity or take a severance package of three months of pay.