Elon Musk to appoint a new leader for Twitter as part of organizational restructuring
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Elon Musk said he would be reducing the time he was spending at Twitter. Musk said he would look for a new leader for the social media company to achieve this. He also hopes to complete a restructuring of the company this week.
Musk to appoint a new head for Twitter
Musk announced this plan while testifying at a court in Delaware while defending himself against claims of a $56 billion pay package at his electric car manufacturing company, Tesla.
The claims at the Delaware court set this pay package because of performance targets that were easy to achieve. The Tesla board approved the pay package for directors. Musk has also confirmed the development on Twitter, saying that he would continue heading Twitter until it was in a strong financial position. However, he noted that the process would “take some time.”
The tweet made by Musk follows a confirmation by Jack Dorsey that he would not come back to Twitter as a CEO. Dorsey was responding to a Twitter user who had asked whether he would be interested in taking the CEO position, to which he refuted the offer.
Musk acquired Twitter towards the end of last month. Since the acquisition, Musk has devoted much of his time to the social media company. Tesla’s investors have now raised concerns about the time Musk was spending on Twitter. Since the acquisition, Musk has been actively involved in Twitter and has proposed several changes to the platform’s operations.
In his testimony, Musk said that “there’s an initial burst of activity needed post-acquisition to reorganize the company. But then I expect to reduce my time at Twitter.”
Musk has also said that some of Tesla’s engineers were now working on Twitter to evaluate the engineering teams of the social media company. However, he said that these engineers were working on a “voluntary basis” and they only assisted at Twitter during “after hours.”
Musk’s changes at Twitter
During his first two weeks working at Twitter, Musk introduced a series of changes. He fired the company’s former CEO and a section of previous leaders. He also laid off 50% of the Twitter staff earlier this month.
Earlier this week, Musk sent an email to employees at Twitter. He informed the employees that they needed to decide whether they wanted to continue working at the company for “long hours at high intensity.” Those not willing to continue working at Twitter would receive a three-month severance package.