UnusualWhales

Per 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 (TSLA.O) was based on easy to achieve performance targets and was approved by a compliant board of directors. read more

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."