On Wednesday, Elon Musk said he expects to reduce his time at Twitter and eventually find a new leader to run the social media company, adding that he hopes hopes to complete the restructuring of the organization this week.
musk made the remarks while testifying in a Delaware court to defend against claims that his $56 billion (nearly Rs 4.56,100) payment package was at Tesla based on performance targets that are easily achievable and approved by a compliance board.
“There was a series of initial activities required after the acquisition to reorganize the company,” Musk said in his testimony. “But then I expect to reduce my time at Twitter.”
The billionaire’s first two weeks as the owner of Twitter have been marked by rapid and chaotic change. He quickly fired Twitter’s former CEO and other senior executives, then fired half of Twitter’s employees earlier this month.
Like report before that, the trial will run until Friday and be presided over by Judge Kathaleen McCormick, the same judge presiding over the Twitter case.
There is no deadline for her decision which could take several months.
Jill Fisch, a law professor at the University of Pennsylvania, told AFP it was “very unusual” for this type of case to go to trial.
“There haven’t been many successful challenges to executive compensation (because) courts generally consider this a business decision,” she added.
But the court found that in this case, Musk’s ownership of about 22% of Tesla and his role as CEO “could have an undue effect” on the board and other shareholders, she noted.
Musk canceled his in-person appearance on Sunday at a G20 side event in Bali to appear in court.
When asked why he didn’t travel to the tropical Indonesian island, Twitter’s new boss joked that “his workload has increased quite a bit recently” after taking over the media giant. society.