Twitter owner, Elon Musk, has revealed his time at Twitter would be reduced and eventually hire a new CEO to manage the social media company and added that he hoped to finish the organizational restructuring this week.
Musk made this known while testifying in a Delaware court recently to defend claims that his $56 billion pay package at Tesla Inc. was based on performance targets that were easy to achieve and was approved by a compliant board of directors.
Tesla investors have been concerned about the time that Musk is giving to turning around Twitter and recently, shares of the company dropped by 3%.
In his testimony, Musk said: “There’s an initial burst of activity needed post-acquisition to reorganize the company. But then I expect to reduce my time at Twitter.”
Also, Musk admitted that some Tesla engineers were helping in evaluating Twitter’s engineering teams, but he said it was on a “voluntary basis” and “after hours.”
Musk’s first two weeks as Twitter owner has been marked by controversies as he quickly sacked Twitter’s previous chief executive and other senior leaders and later laid off half of Twitter’s staff.
Musk sent an email to Twitter employees recently telling them they must decide in less than 48 hours whether they would stay on at the company to work “long hours at high intensity” or take a severance package of three months of pay.
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