Business mogul Elon Musk said on Wednesday that he is looking to reduce his time managing Twitter and aiming to find a new leader to run the social media company. Musk made these statements during testimony in a Delaware court where he the took the stand in a lawsuit over his $56 billion Tesla pay package. According to the lawsuit, the package was based on easily achievable targets approved by a compliant board of directors.
However, Musk stated later in a tweet that he will continue to run Twitter "until it is in a strong place, which will take some time."
Correct. I will continue to run Twitter until it is in a strong place, which will take some time.— Elon Musk (@elonmusk) November 17, 2022
Musk's tweet came after former Twitter CEO Jack Dorsey was asked if he would accept returning to his old position. "Nope," Dorsey said in a tweet.
According to Reuters, Tesla investors have been increasingly concerned that Musk is spending too much time running 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." He also admitted that some Tesla engineers were assisting in evaluating Twitter's engineering teams, but this was on a "voluntary basis" and "after hours."
Musk took over the microblogging platform back in late October for a whopping $44 billion, and has since implemented immediate changes to the company. First, he fired CEO Parag Agrawal, CFO Ned Segal, and head of legal policy, trust, and safety Vijaya Gadde. To make the company more profitable and give "power to the people," he then made Twitter's blue checkmark available to everyone for $8 a month. However, the service was halted after Twitter users exploited their checkmarks to impersonate companies and politicians and post inappropriate content.
On Wednesday, Musk sent an email to Twitter employees telling them to either commit to an "extremely hardcore" Twitter and work "long hours at high intensity" or be paid severance.