By Oyintari Ben
Elon Musk stated on Wednesday that he intended to finish an organizational restructuring this week and that he anticipated reducing his time at Twitter, while eventually finding a new CEO to oversee the social media firm.
Musk made the comments while defending himself in court in Delaware against accusations that the $56 billion compensation package he received from Tesla Inc. was based on attainable performance goals and had the support of a compliant board of directors.
Musk later acknowledged that it will “take some time,” but he will continue to lead Twitter until it is in a solid position.
Following Jack Dorsey’s announcement that he would not accept the position of CEO of Twitter, Musk sent out a tweet. When asked if he would accept the post of CEO on Twitter, he replied, “never.”
Investors at Tesla have grown more worried about the amount of time Musk is devoting to turning around Twitter.
In his testimony, Musk indicated that after the acquisition, the company will need an initial burst of activity to be reorganized. But after that, I anticipate spending less time on Twitter.
Musk also acknowledged that some Tesla engineers had been helping to assess Twitter’s engineering teams, but he insisted that this had been done “voluntarily” and “after hours.”
The first two weeks of the billionaire’s ownership of Twitter have been characterized by quick change and mayhem. The previous CEO of Twitter and other senior executives were swiftly ousted, and earlier this month, he laid off half of the company’s workers.
Employees at Twitter were given until Thursday to decide whether they wanted to accept a three-month salary severance plan or stay on at the firm to work “long hours at great intensity,” according to an email from Musk that was delivered early on Wednesday.
