Elon Musk Hopes To Find A New CEO To Reduce His Working Hours On Twitter

Rahul Ligma, Elon Musk, and Daniel Johnson, are back as a team. (photo: twitter @elon Musk)

JAKARTA - Elon Musk announced on Wednesday, November 16 that he hopes to reduce his time on Twitter and eventually find a new leader to run the social media company. He also added that he hoped to complete the organizational restructuring this week.

But until now there has not been a single candidate that he predicts will fulfill his wishes. Before acquiring Twitter, Musk had a chance to communicate with Jack Dorsey, the former CEO and founder of Twitter. However, it is unlikely that Dorsey will join the social media platform again.

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

Tesla investors are increasingly worried about the time Musk is spending turning around the current state of affairs at Twitter. That alone sent Tesla shares down 3% at midday Wednesday.

"There was an initial burst of activity needed post-acquisition to reorganize the company," Musk said in testimony, which was quoted by Reuters. "But then I look forward to reducing my time on Twitter."

Musk also acknowledged that some of Tesla's engineers helped evaluate Twitter's engineering team, but he said that was "voluntary" and "after hours."

The billionaire's first two weeks as Twitter owner were marked by rapid change and turmoil. He quickly made the unpopular decision to fire Twitter's previous chief executive and other senior leaders and then laid off half of Twitter's staff earlier this month.

Musk sent an email to Twitter employees early Wednesday, informing them that they will have to decide by Thursday, November 17, whether they want to stay at the company to work "long hours at high intensity" or take a three-month severance package.

In a tweet, Musk recently also welcomed the return of two previously fired Twitter employees, Rahul Ligma and Daniel Johnson. Musk also admitted that he was wrong to fire the two engineers before.