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Elon Musk says he will find a new leader for Twitter

Elon Musk says he will find a new leader for Twitter

Nov 16 (Reuters) – Elon Musk said on Wednesday he expected to reduce his time at Twitter and eventually find a new leader to run the social media company, saying he expected to complete an organizational reorganization this week .

Musk made the comments while testifying in a Delaware court to defend against claims at Tesla Inc over his $56 billion pay package. (TSLA.O) Performance was based on easy to achieve goals and approved by a compliant board of directors. read more

Tesla investors are concerned about the time Musk is devoting to Twitter’s transformation.

Tesla shares fell 3% in the afternoon.

“There has been an initial burst of activity necessary following the acquisition to reorganize the company,” Musk said in his testimony. “But then I hope to reduce my time on Twitter.”

Musk also acknowledged that some Tesla engineers were assisting Twitter’s engineering teams with the evaluation, but said it was on a “voluntary basis” and “after hours”.

The billionaire’s first two weeks as Twitter owner have been marked by rapid change and chaos. He quickly fired Twitter’s previous chief executive and other senior leaders, and then earlier this month laid off half of Twitter’s staff.

Musk sent email to twitter staff early Wednesday, telling them they needed to decide by Thursday whether they wanted to stay with the company to “work longer hours at a higher intensity” or take a severance package of three months’ pay Huh.

Reporting by Hyunjoo Jin and Tom Helms; Writing by Sheela Dang; Editing by Chizu Nomiyama and Richard Chang

Our Standards: Thomson Reuters Trust Doctrine.

Tom Hulse

Thomson Reuters

Award-winning reporter with more than two decades of experience in international news, focusing on high-stakes legal battles on everything from government policy to corporate dealmaking.



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