Elon Musk is currently the CEO and sole director of Twitter. But he doesn’t plan to keep the leadership duties at the company for long. He plans to find someone else to lead operations at the social network in the long run.
“There’s an initial burst of activity needed post-acquisition to reorganize the company,” Musk said Wednesday (via). “But then I expect to reduce my time at Twitter,” he added. The multi-billionaire made the remarks while testifying in a 2018 Tesla case in a Delaware court. The case is about a $56bn pay package the EV (electric vehicle) maker awarded him. A Tesla shareholder sued Musk alleging that he used his dominance over the board to dictate the terms of the package, which did not require him to work full-time at the company.
In response, Musk said Tesla was in “crisis” in 2017 and that he gave his full attention to the company even though he wasn’t obliged to. “I was entirely focused on the execution of the company,” he said. Musk says he doesn’t believe in working for fixed hours. “I pretty much work all the time. I don’t know what a punch clock would achieve,” the multi-billionaire added. But this nature of the world’s richest man has now become a concern for investors. Following his recent purchase of Twitter, he is devoting a lot of time to the social media company. Tesla’s growth no longer appears to be his priority.
Elon Musk will not lead Twitter in the long run
Elon Musk may be devoting a lot of time to Twitter in recent weeks, but he has hinted that the social network will not remain his priority forever. “So in times of crisis, allocation changes to where the crisis is,” he said. And the social media company is in a deep crisis currently as advertisers are fleeing the platform. Several top executives have also left Twitter citing Musk’s chaotic handling of the company. There are also concerns about potentially massive fines.
The new Twitter CEO, meanwhile, recently issued an ultimatum that employees willing to stay with Twitter during these difficult times will need to be prepared for long hours of high-intensity work. He says the “new Twitter” will adopt a hardcore work culture with no remote work. The Twitter boss wants to bring the social network on track as early as possible. Time will tell where Elon Musk takes Twitter in the coming months and who succeeds him as the head of the company.