New Twitter boss Elon Musk said he expects to reduce his time at Twitter and eventually find a new leader to run the social media company. He also said he hopes to complete Twitter’s organizational reorganization this week.
Elon Musk made the comments during a testimony Wednesday in Delaware state court to defend the high $56 billion pay he received at Tesla. Tesla investors allege he was paid at Tesla based on easily achievable performance goals and approved by a board that deferred to him.
“In the early days after the acquisition was completed, there was a lot of work to be done to reorganize the company,” Elon Musk said in his testimony, “but after that, I expected to reduce my hours at Twitter.” He also acknowledged that some Tesla engineers are helping to evaluate Twitter’s engineering team, but he said it was “voluntary” and “after hours. Now, Tesla investors are increasingly concerned about the amount of time Elon Musk is taking to turn Twitter around, with Tesla shares falling 3.86 percent on Wednesday.
In addition, Elon Musk said he makes some Tesla decisions that don’t require board approval and refuted allegations that his performance goals are easy to achieve. “The pain is beyond words,” Elon Musk said in describing the effort it took for Tesla to go from near collapse in 2017 to explosive growth, “and I don’t want to put anyone through that pain.”
