Elon Musk says he will find a new CEO for Twitter | Tech News

Elon Musk says he will find a new CEO for Twitter

Musk made the remarks while testifying in a Delaware court to defend against claims that his $56 billion pay package at Tesla Inc was based on easy to achieve performance targets.

By:REUTERS
| Updated on: Nov 17 2022, 21:57 IST
In Pics: Your Twitter has been changed forever by Elon Musk
Elon Musk
1/7 Twitter top officials fired: As soon as Musk took over Twitter, he fired the top executives including CEO Parag Agrawal, CFO Ned Segal, legal affairs and policy chief Vijaya Gadde. That was the first decision taken by Musk at Twitter. On Friday, Twitter also laid off 50 percent of its employees and Musk defended the step by saying that this is being done in an effort to place Twitter on a profitable path. (AFP)
Elon Musk
2/7 Charges for Blue Tick: Twitter users who want a verified account will now have to pay charges for the same as Twitter will now charge $8 for Blue Tick. Musk supported the decision by posting a number of tweets regarding the same. He believes the subscription fee will give Twitter 'a revenue stream to reward content creators' while the company will not have to depend on advertisers. (REUTERS)
Elon Musk
3/7 Twitter Content Moderation Council: Twitter will set up a content moderation council with widely diverse viewpoints. The council will be accountable for all main content-related decisions. (AFP)
Elon Musk
4/7 Advertisers: General Motors, General Mills, Audi of America, Oreo maker Mondelez International, Pfizer Inc and Ford are some of the corporate companies who have distanced themselves from Twitter. Several advertisers have suspended ad spending on Twitter altogether. (REUTERS)
Elon Musk
5/7 Changes to Twitter's homepage: Musk requested that users who have logged out of Twitter and visit the homepage of Twitter's site to be redirected to the Explore page which shows trending tweets and news stories, according to a report by Verge. (REUTERS)
Elon Musk
6/7 Vine: Musk put up a poll on Twitter asking people if he should bring back Vine. (AP)
Elon Musk
7/7 Removal of Days of Rest: Days of Rest has been removed from the calendars of the Twitter employees. It can be known that the Days of Rest refers to the monthly days off to let employees rest and recharge. (AP)
Elon Musk
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However Musk later said in a tweet that he will continue to run Twitter until it is in a strong place, though it will "take some time." (REUTERS)

Elon Musk said on Wednesday he expected to reduce his time at Twitter and eventually find a new leader to run the social media company, adding that he hoped to complete an organizational restructuring this week.

Musk made the remarks while testifying in a Delaware court to defend against claims that his $56 billion pay package at Tesla Inc was based on easy to achieve performance targets and was approved by a compliant board of directors.

However Musk later said in a tweet that he will continue to run Twitter until it is in a strong place, though it will "take some time."

Musk's tweet came after former CEO Jack Dorsey said that he will not accept the role of Twitter CEO. In a reply to a Twitter user when asked if he would take the position of CEO, he said "nope."

Tesla investors have been increasingly concerned about the time that Musk is devoting to turning around Twitter.

"There's an initial burst of activity needed post-acquisition to reorganize the company," Musk said in his testimony. "But then I expect to reduce my time at Twitter."

Musk also admitted that some Tesla engineers were assisting in evaluating Twitter's engineering teams, but he said it was on a "voluntary basis" and "after hours."

The billionaire' s first two weeks as Twitter's owner has been marked by rapid change and chaos. He quickly fired Twitter's previous CEO and other senior leaders and then laid off half its staff earlier this month.

Musk sent an email to Twitter employees early Wednesday, telling them they needed to decide by Thursday whether they wanted to stay on at the company to work "long hours at high intensity" or take a severance package of three months of pay.

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First Published Date: 17 Nov, 21:56 IST
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