Elon Musk says he plans to decrease his time on Twitter and wants to hand the company off to a new leader in the near future. Musk also added that
Elon Musk says he plans to decrease his time on Twitter and wants to hand the company off to a new leader in the near future.
Musk also added that he hopes to finish his organizational restructuring this week.
These claims come from Musk defending himself in a Delaware court against claims that his $56 million pay package at Tesla was based on simple performance targets and approved by a complaisant board of directors.
Shares of Tesla fell approximately 3 percent at noon and Tesla investors have begun to worry about the time and energy that Musk has been putting into Twitter.
For the past couple of weeks, since his acquisition of the platform, it has been nothing but chaos. With the termination of the previous chief executive, other senior leaders, and roughly half of the entire Twitter staff earlier this month.
Musk acknowledges this in his testimony saying that this “initial burst of activity” is needed in order to “reorganize the company.” He then follows up saying that he expects to “reduce [his] time at Twitter.”
The billionaire also sent out an email to all remaining employees saying that if they want to stay working for the company they would need to work “long hours at high intensity” or take a severance package of three months of pay.