By Anita
Elon Musk, the world’s richest man, has stated that he will reduce his time at Twitter and eventually find a new CEO to lead the social media company, adding that he hoped to complete an organizational restructuring this week.
Musk made the comments while testifying in a Delaware court on Wednesday, November 16, to defend claims that his $56 billion pay package at Tesla Inc (TSLA.O) was based on easy-to-attain performance targets and was approved by a compliant board of directors.
Tesla investors have grown increasingly concerned about Musk’s time commitment to turning around Twitter, and the company’s stock fell 3% on Wednesday.
“There’s an initial burst of activity needed post-acquisition to reorganize 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 the evaluation of Twitter’s engineering teams, but he stated that this was done “voluntarily” and “after hours.”
The billionaire’s first two weeks as Twitter’s owner have been chaotic, as he quickly fired the company’s previous chief executive and other senior executives and then laid off half of its employees earlier this month.
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 and work “long hours at high intensity” or accept a three-month severance package.
