Elon Musk has said that 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 comments on Wednesday while testifying in a Delaware court to defend himself against allegations that his $56 billion pay package at Tesla Inc. was based on easy-to-attain 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”, according to a Reuters report.
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, Reuters reported.
“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.