November 16, 2022 23:30
Elon Musk said Wednesday that he expects to reduce his role in managing Twitter and eventually find a new leader to take charge of the social media company, adding that he hopes to complete the organizational restructuring process this week.
Musk made the remarks on the sidelines of testimony in a Delaware court to defend against allegations of a $56 billion bonus package from Tesla after hitting soft performance targets approved by a deferential board of directors.
Investors in Tesla have been increasingly concerned about the time Musk is devoting to the Twitter restructuring process.
“Some post-acquisition measures need to be taken to reorganize 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 evaluate engineering teams at Twitter, but said it was “on a voluntary basis” and done “after hours” working for the electric car maker.
Source: Agencies
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