Elon Musk will find a new CEO for Twitter so he can focus on Tesla
The world’s richest man, Elon Musk, said he would cut back on his time on Twitter and eventually find a new CEO to run the social media company, adding he hoped to complete an organizational restructuring this week.
Musk made the remarks while testifying in a Delaware court on Wednesday, November 16 to defend against claims that his $56 billion compensation package at Tesla Inc was based on performance goals easy to reach and has been approved by a compliant board. .
Tesla investors are growing increasingly concerned about Musk’s time to straighten out Twitter, and on Wednesday, the company’s shares fell 3%.
“There is a first wave of activity needed after the acquisition to reorganize the business,” Musk said in his testimony. “But then I expect to reduce my time on Twitter.”
Musk also admitted that some Tesla engineers help evaluate Twitter’s engineering teams, but he said it was “voluntary” and “after hours.”
The billionaire’s first two weeks as Twitter owner were marked by chaos as he quickly fired the former Twitter chief executive and other top executives, then fired half of Twitter’s staff early on. of the month.
Musk emailed employees at Twitter early Wednesday, telling them they had to decide by Thursday whether they wanted to stay with the company to work ‘long, high-intensity hours’ or take severance pay. three months salary.