Elon Musk said on Wednesday that he hopes to reduce his time at Twitter and eventually find a new leader to run the company, adding that he hopes to complete an organizational restructuring this week.
Musk made the remarks while testifying in a Delaware courtroom to defend against allegations that his $56 billion pay package at Tesla was based on easy-to-achieve performance targets and was approved by a compliant board of directors.
Tesla investors are increasingly concerned about the time Musk is dedicating to transforming Twitter.
“There is an initial burst of activity needed after the acquisition to reorganize the company,” Musk said in his deposition. “But then I hope to reduce my time on Twitter.”
Musk also admitted that some Tesla engineers were helping Twitter’s engineering teams evaluate, but said it was “voluntary” and “off-hours” help.
The billionaire’s first two weeks as owner of Twitter were marked by rapid change and chaos. He quickly fired the company’s previous chief executive and other executives, then fired half of the platform’s staff earlier this month.
Musk sent an email to Twitter employees on Wednesday, saying they needed to decide by Thursday whether they wanted to stay with the company to work “long hours at high intensity” or receive a three-month severance pay. .
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