Elon Musk mentioned on Wednesday he anticipated to scale back his time at Twitter and ultimately discover a new chief to run the social media firm, including that he hoped to finish an organizational restructuring this week.
Musk made the remarks whereas testifying in a Delaware court docket to defend in opposition to claims that his $56 billion pay bundle at Tesla was primarily based on simple to realize efficiency targets and was accepted by a compliant board of administrators.
Tesla buyers have been more and more involved concerning the time that Musk is devoting to turning round Twitter.
Shares of Tesla fell 3% at noon.
“There’s an preliminary burst of exercise wanted post-acquisition to reorganize the corporate,” Musk mentioned in his testimony. “However then I anticipate to scale back my time at Twitter.”
Musk additionally admitted that some Tesla engineers have been helping in evaluating Twitter’s engineering groups, however he mentioned it was on a “voluntary foundation” and “after hours.”
The billionaire’ s first two weeks as Twitter’s proprietor has been marked by fast change and chaos. He rapidly fired Twitter’s earlier chief govt and different senior leaders after which laid off half of Twitter’s employees earlier this month.
Musk despatched an e mail to Twitter workers early Wednesday, telling them they wanted to determine by Thursday whether or not they wished to remain on on the firm to work “lengthy hours at excessive depth” or take a severance bundle of three months of pay.
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