Elon Musk said on Wednesday he expected to reduce his time at Twitter and eventually find a new leader to run the social media company, adding that he hoped to complete an organisational restructuring this week.
\nMusk made the remarks while testifying in a Delaware court to defend 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.
\nHowever, Musk later said in a tweet that he will continue to run Twitter until it is in a strong place, though it will \u201ctake some time\u201d.
\nMusk\u2019s 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 \u201cnope.\u201d
\nTesla investors have been increasingly concerned about the time that Musk is devoting to turning around Twitter.
\n\u201cThere\u2019s an initial burst of activity needed post-acquisition to reorganise the company,\u201d Musk said in his testimony. \u201cBut then I expect to reduce my time at Twitter.\u201d
\nMusk also admitted that some Tesla engineers were assisting in evaluating Twitter\u2019s engineering teams, but he said it was on a \u201cvoluntary basis\u201d and \u201cafter hours\u201d.
\nThe billionaire\u2019s first two weeks as Twitter\u2019s owner has been marked by rapid change and chaos. He quickly fired Twitter\u2019s previous CEO and other senior leaders and then laid off half its staff earlier this month.
\nMusk 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 \u201clong hours at high intensity\u201d or take a severance package of three months of pay.<\/p>\n","protected":false},"excerpt":{"rendered":"
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