Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Carl Compton
Nov 17, 2022 1:37AM ET
*Cathie
0
0
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
Elon Musk says he will find a new leader for Twitter
© Reuters. FILE PHOTO: An image of Elon Musk is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
By Hyunjoo Jin and Tom Hals
(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, adding that 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 pay package at Tesla (NASDAQ:TSLA) Inc was based on easy to achieve performance targets and was approved by a compliant board of directors.
However Musk later said in a tweet that he will continue to run Twitter until it is in a strong place, though it will "take some time."
Musk's tweet came after former CEO Jack Dorsey said that he will not accept the role of Twitter CEO. In a reply to a Twitter user when asked if he would take the position of CEO, he said "nope."
Tesla investors have been increasingly concerned about the time that Musk is devoting to turning around Twitter.
"There's an initial burst of activity needed post-acquisition to reorganize the company," Musk said in his testimony. "But then I expect to reduce my time at Twitter."
Musk also admitted that some Tesla engineers were assisting in evaluating Twitter's engineering teams, but he said it was on a "voluntary basis" and "after hours."
The billionaire' s first two weeks as Twitter's owner has been marked by rapid change and chaos. He quickly fired Twitter's previous CEO and other senior leaders and then laid off half its staff earlier this month.
Musk sent an email to Twitter employees early Wednesday, telling them they needed to decide by Thursday whether they wanted to stay on at the company to work "long hours at high intensity" or take a severance package of three months of pay.
Related Articles
Comments (4)
Carl Compton
Nov 17, 2022 1:37AM ET
Cathy Wood
0
0
Benjamin USA
Nov 16, 2022 11:27PM ET
Lmao
0
0
Don Getty
Nov 16, 2022 12:54PM ET
donald trump's still looking thought his last job was stolen from him
0
0
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.