Elon Musk stated on Wednesday that he intended to finish an organisational restructuring this week and that he anticipated reducing his time at Twitter while eventually finding a new leader to oversee the social media firm.
In his latest shocking treatment of the social media firm, Elon Musk gave Twitter employees until 5 pm Eastern time on Thursday to decide if they wanted to work for him, and he invited those who did not share his vision to leave their employment.
Musk made the comments while testifying in a Delaware court to refute allegations that his $56 billion compensation package at Tesla Inc. was determined by a board of directors that was compliant and based on performance goals that were simple to meet.
Investors at Tesla have grown more worried about the amount of time Musk is devoting to turning around Twitter.
At noon, Tesla stock dropped 3 per cent.
“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.”
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Musk also acknowledged that some Tesla engineers had been helping to assess Twitter’s engineering teams, but he insisted that this had been done on a “voluntary basis” and “after hours.”
The first two weeks of the billionaire’s ownership of Twitter have been characterised by quick change and mayhem. The previous CEO of Twitter and other senior executives were swiftly dismissed, and earlier this month, he laid off half of Twitter’s workers.
(with inputs from agencies)
