Elon Musk to hire new leader for Twitter, reduce time at the company

Elon Musk has revealed that he plans to appoint a new leader for Twitter. He will also reduce his time at Twitter after completing an organizational restructure of the company. The revelation was made during a court hearing in Delaware, US. Tesla investors remain worried that Musk is dedicating too much time in Twitter resulting in a fall of over 3 per cent in the company’s stock price. 

Elon Musk was summoned to the court to prove that his $56 billion pay package was not based on easy business targets for Tesla. The allegations also accused of a board of directors that is compliant with Musk.

According to a report by Reuters, during the testimony, Elon Musk said, "There's an initial burst of activity needed post-acquisition to reorganize the company. But then I expect to reduce my time at Twitter."

He addressed another complaint about Tesla engineers helping out Twitter. Musk justified that by saying it was done on a "voluntary basis" and was done “after hours”.

Former CEO Jack Dorsey has disclosed that he has no interest in becoming Twitter CEO again. When a Twitter user asked him if he would be willing to take up the role, Dorsey said, "Nope". 

Elon Musk took over Twitter in a $44-billion deal. Soon after grabbing the reins of the company, Musk fired most of the top executives, including CEO Parag Agrawal. In the following week, he fired half of Twitter’s employees across the globe. The situation was particularly bad in India, where 90 per cent of the entire workforce was fired. He also fired around 80 per cent of the contractual workers that were involved in jobs like content moderation. 

Apart from the layoffs, Musk has also been pushing aggressively for new features. He had announced a new Twitter Blue subscription model, which included the benefit of getting a blue checkmark. However, that backfired and Musk ended up rolling back the $7.99 paid feature.

On Wednesday, he shot another mail to his Twitter employees asking them to either work ‘hardcore’ and for “long hours at high intensity” or just take a severance package and leave it. 

Also read: ‘You’re an a****le’: Elon Musk gets abusive with journalist on e-mail

Also read: Elon Musk to relaunch Twitter blue tick subscription on November 29