After acquiring all of Twitter, Elon Musk took executive control of the company, assuring that it would be temporary, “to put things in order.”
Recently, in an instance outside the company, the tycoon assured that he will soon start looking for a person who can lead this social networking company, with the purpose of reducing the time he currently dedicates to it.
Tesla investors are concerned about the time Elon Musk spends on Twitter, while he reiterated that the CEO position will be held temporarily
As he has noted on previous occasions, Musk, who currently serves as CEO at Twitter, said his plan is to remain in this role while he deals with the restructuring of his newly acquired company, and then, once he believes the things are in order, delegate the administrative work of the company to a new executive specially dedicated to such work.
These comments were issued yesterday by the media businessman in the middle of his testifying in front of a Delaware court, in United States. In this judicial circumstance, Musk seeks to defend himself against the claims of Tesla investors, who say that in order to finalize the acquisition of Twitter, he received his payment package of $56 billion dollars in Tesla “too easily”, because allegedly his objectives of performance were raised at a level that was not difficult to achieve.
Investors in the company known for its electric cars also expressed concern that the CEO is possibly spending too much time overseeing Twitter, relegating Tesla to the background, amid a time when his company may possibly automotive needs more attention than ever. This commotion was not without economic consequences, since in the midst of this controversy, the price of Tesla’s shares fell 3%.
Musk defended his current stance, saying he needs to spend more time on his new acquisition to get Twitter “on the right track.” “It takes an initial burst of post-acquisition activity to reorganize the company. But then I hope to reduce my time on Twitter.”the Tesla CEO said at the trial.
Later, Musk he said in a tweet that he will continue to run Twitter until he’s in a solid place, although “it will take some time.” This statement was made after the former CEO and co-founder of the company, Jack Dorsey, said that he will not accept the position of CEO of Twitter if he eventually offers it to him, at the request of another user of the platform.
At trial, Musk also claimed that some Tesla engineers are helping to evaluate Twitter’s engineering teams, but on a “voluntary” and “after-hours” basis.
The high dedication that the businessman is investing in Twitter has not only aroused the concern of Tesla investors. Musk emailed to Twitter employees during the early hours of just last Wednesday, calling on them to decide today Thursday if they want to stay at the company to work “long hours at high intensity” or accept a severance package of three months’ salary.
