16 November 2022 11.30pm
Elon Musk said Wednesday he expects to reduce his role in managing Twitter and eventually find a new leader to take over the social media company, adding he hopes to complete the organizational restructuring process this week.
Musk made the remarks on the sidelines of testimony in a Delaware court defending against allegations of a $56 billion bonus package from Tesla after meeting soft performance targets approved by a deferential board of directors.
Investors in Tesla are increasingly concerned about how much time Musk is spending on Twitter’s restructuring process.
“Some post-acquisition steps need to be taken to retool the company… but after that I expect to reduce my time on Twitter,” Musk said in his testimony.
Musk also acknowledged that some Tesla engineers were helping to evaluate engineering teams on Twitter, but said it was “on a voluntary basis” and worked “overtime” for the electric car maker.
Source: agencies
