Elon Musk says he will find a new leader for Twitter

Nov. 16 (Reuters) – Elon Musk said on Wednesday he planned to cut back on his time on Twitter and possibly find a new executive to lead the social media company, adding he hoped to complete an organizational restructuring this week.

Musk made the remarks while testifying in a Delaware court to defend against claims that his $56 billion salary at Tesla Inc. (TSLA.O) was based on easily attainable performance goals and was approved by a compliant Board of Directors. Read more

Tesla investors are increasingly concerned about how much time Musk is spending to turn Twitter around.

Tesla shares fell 3% at midday.

“There is a first wave of activity needed after the acquisition to reorganize the business,” Musk said in his testimony. “But then I expect to reduce my time on Twitter.”

Musk also admitted that some Tesla engineers help evaluate Twitter’s engineering teams, but he said it was “voluntary” and “after hours.”

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

Musk emailed employees at Twitter early Wednesday, telling them they had to decide by Thursday whether they wanted to stay with the company to work ‘long, high-intensity hours’ or take severance pay. three months salary.

Reporting by Hyunjoo Jin and Tom Hals; Written by Sheila Dang; Editing by Chizu Nomiyama and Richard Chang

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