Nov 16 (Reuters) – Elon Musk said on Wednesday he would cut his time at Twitter and find a new leader to run the social media giant, adding that he hoped to complete a corporate restructuring this week.
Musk made the comments while testifying in a Delaware court to argue against his $56 billion pay package at Tesla Inc. (TSLA.O) Performance targets are easy to achieve and approved by a compliant board of directors. read more
Tesla investors are more concerned about the time Musk will devote to turning around Twitter.
Tesla shares fell 3% in the afternoon.
“There has been an initial burst of post-acquisition activity to restructure the company,” Musk said in his testimony. “But I expect to reduce my time on Twitter.”
Musk also acknowledged that some Tesla engineers help evaluate Twitter’s engineering teams, but he said it’s “on a volunteer basis” and “after hours.”
The billionaire’s first two weeks as Twitter owner have been marked by rapid change and chaos. He quickly fired Twitter’s previous chief executive and other senior leaders, then laid off half of Twitter’s employees earlier this month.
Musk sent an email to Twitter employees early Wednesday, telling them they had to decide by Thursday whether to stay at the company longer or take a three-month pay cut.
Reporting by Hyunjoo Jin and Tom Hals; By Sheila Tang; Editing by Chisu Nomiyama and Richard Chang
Our Standards: Thomson Reuters Trust Principles.
“Total coffee maven. Extreme web geek. Award-winning explorer. Travel aficionado.”