Mr. Musk is trying to put his stamp on Twitter while attending the Court of Chancery – a bumpy period for the entrepreneur. He attempted to implement various product changes while “layoffing” roughly half of the social media platform’s workforce. He even tweeted about Twitter before his testimony. The case centered on whether Musk had too much influence over a 2018 pay deal worth around $52 billion at recent share prices. He was on the stand in Delaware’s business-law court.
Musk Indicates that He Aims to Scale Back His Time Managing Twitter
According to Musk, someone else will run Twitter Inc. Eventually, he’ll reduce his time on the platform he bought for $44 billion late last month.
Mr. Musk is the CEO of Tesla, Inc., and rocket manufacturer SpaceX. He claims that he has recently dedicated most of his attention to Twitter. “I expect to reduce my time at Twitter and find somebody else to run Twitter over time,” Musk said when testifying in Delaware during a lawsuit concerning his Tesla TSLA -3.52% decrease. He went on to say that he expects Twitter’s fundamental organizational restructuring to be finished shortly.
Musk insisted that he concentrated on improving the company rather than mandating the terms of his compensation plan. When his 2018 remuneration package at Tesla was under consideration, Musk said he had split his time between his businesses, with Tesla and SpaceX taking up most of it. Musk said Tesla snatched up most of his time in recent years. He intends to find more time for SpaceX and his other companies.
Employees Have a Deadline to Take a Severance Package or Stay on New Terms
In an email to employees, CEO Elon Musk said they must choose between continuing to work “long hours at high intensity” or accepting a severance package. The choice came after he had already laid off approximately half of the social-media firm’s staff earlier this month.
By Thursday, 5 p.m. ET, employees must complete a Google form. According to the sent-out email, they must commit to staying at Twitter. This means working a demanding schedule to remain at the company. Musk sent a memo to employees last week, warning of “serious” economic issues the business is seeing. He even indicated the risk of bankruptcy. In addition, during the company’s first all-hands meeting last week, he talked about eliminating remote work for most Twitter workers and having (possibly) everyone work on-site.