Elon Musk Expecting Short Time at Twitter, to Find New Leader to Run the Company



Elon Musk's first two weeks as Twitter's owner has been marked by rapid change and chaos.


Elon Musk stated on Wednesday that he planned to finish an organisational restructuring this week and that he anticipated reducing his time at Twitter in order to eventually recruit a new CEO to manage the social media firm.

Musk made the comments while defending himself in court in Delaware against allegations that his $56 billion (about Rs. 4,56,100 crore) Tesla compensation plan was based on attainable performance goals and had the support of a compliant board of directors.


In his testimony, Musk indicated that after the acquisition, the company will need an initial burst of activity to be reorganised. But after that, I anticipate spending less time on Twitter.

The first two weeks of the billionaire's ownership of Twitter have been characterised by quick change and mayhem. He quickly fired Twitter's previous chief executive and other senior leaders and then laid off half of Twitter's staff earlier this month.

Judge Kathaleen McCormick, who was supposed to preside over the Twitter case, is presiding over the trial, which will continue through Friday.


Her judgement, which might take months, has no time limit.

For this kind of case to get to trial, Jill Fisch, a law professor at the University of Pennsylvania, told AFP that it is "very unusual."

The courts have traditionally considered CEO salary as a business choice, therefore there aren't many successful challenges to it, she continued.

She added that the court in this instance concluded that Musk's roughly 22 percent ownership of Tesla and his position as CEO "may have an excessive impact" on the board and other shareholders.

In order to attend court on Sunday, Musk cancelled a live appearance at a G20 side event in Bali.

The new Twitter CEO jokingly said that his "workload has just increased quite a lot" since taking over the social media company when asked why he had not visited the lush Indonesian island.

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