He may have acquired Twitter only weeks ago – and it’s reportedly losing millions per day – but Elon Musk is looking to reduce the amount of time he devotes to the platform.
On Wednesday, the billionaire took the stand to testify in an ongoing Delaware court case. The lawsuit claims Tesla’s $56 million pay package was “based on easy to achieve performance targets and was approved by a compliant board of directors.”
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During his testimony, Elon made several revelations about his future plans for Twitter. Not only does he want to find a new CEO for Twitter so as to reduce his own involvement, he added that he plans to do a complete organizational restricting in the coming week.
The billionaire clarified he doesn’t want to be CEO in any instance.
“I frankly don’t want to be the CEO of any company,” he said.
Tesla investors are reportedly concerned about the amount of time and resources Elon is using on Twitter since acquiring it at the start of November in a $44 billion deal.
Elon’s most recent admissions follow reports that he sold nearly $4 billion in Tesla stocks in order to help fund the acquisition.
The businessman had previously said he wasn’t going to sell any more shares in April, only to go back on his word in August, which he called an “emergency” sale. The most recent sale marks the second time he’s offloaded stocks since swearing he wouldn’t.
Elon has reportedly sold $36 billion in shares; critics claim he may be stretching the company too thin. Half of the sales have been since he acquired Twitter.
The SpaceX founder has been make big changes to the platform to make it more profitable since taking over the reigns.
Shortly after officially taking over, he fired nearly half of the company’s employees, including top executives. Elon also announced a new paid version of Twitter, offering users perks like a verified check mark.
Many Twitter users have stopped using the platform in the wake of Elon’s takeover, including a variety of celebrities who disagree with the monthly subscription for verification.
Twitter has also lost advertisers, with Elon himself admitting the site is hemorrhaging $4 million per day.
Nonetheless, the world’s richest man doesn’t appear concerned that less involvement in Twitter will harm its progress – though that seems highly contingent on who he chooses to replace him in the CEO role.
Sources: NDTV, Yahoo! News,
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