Musk Makes A Shocking Decision For The Future Of His New Company

During testimony on Wednesday in the trial over his Tesla compensation package, Twitter CEO Elon Musk discussed his plans for the future of the social media company.

According to the Wall Street Journal, Musk stated during his deposition in the Delaware Court of Chancery that he plans to “reduce my time at Twitter” and “find somebody else to run” the social media company “over time.” He reportedly acknowledged that since purchasing Twitter in late October, a significant portion of his time has been devoted to it, but he expressed expectations that this would not be the case in the long run.

After a protracted legal battle, Musk and the social media company were given until October 28 to complete the $44 billion acquisition of Twitter by the same court and judge before whom he testified on Wednesday. Since assuming control, he has made significant changes to Twitter, including firing about 50% of the company’s employees and introducing a verification badge that can be purchased for $8 per month.

Musk stated that his workload “has recently increased quite a lot” and that he has “too much on my plate, that is for sure,” while participating virtually in a conference earlier in the week. He co-founded OpenAI, Neuralink, and The Boring Company, and he leads SpaceX in addition to his roles as CEO of Twitter and Tesla.

Musk tweeted that he had “been at Twitter SF HQ all night” and “will be working & sleeping here until org is fixed.” Adding that Twitter’s “fundamental organizational restructuring” is expected to be finished soon..

In the trial that began on Monday for a lawsuit brought by Tesla shareholder Richard Tornetta in 2018, Musk will testify. His compensation plan at the manufacturer of electric vehicles is being challenged and is intended to be invalidated.

According to a proxy statement, Musk received a 10-year grant of stock options that vest over 12 tranches as part of the Tesla compensation package, which could be worth more than $55 billion if the electric vehicle company meets certain market capitalization and operational benchmarks. The CEO receives options worth roughly 1% of Tesla’s stock for each tranche.

The trial is scheduled to continue through next week.