Elon Musk, the multi-billionaire owner of the newly acquired Twitter social media platform has indicated he will soon have to find a new leader. Musk made the announcement this week (November 16) after admitting he will be reducing his time at the company. He also added that he hoped to complete an organisational restructuring this week.Musk made the statement while testifying in a Delaware court in the US to defend against claims that his $56 billion pay package at Tesla Inc was based on easy-to-achieve performance targets and had been approved by a compliant board of directors.
Musk took the stand in a trial stemming from a Tesla shareholder lawsuit over his 2018 compensation package which turned out to be worth more than $50 billion, making him the world’s richest person. Plaintiff Richard Tornetta alleges the company erred in approving a pay package that dwarfs even those of other top tech executives, despite Musk splitting his time between Tesla and the several other companies he runs — including, most recently, Twitter.