Twitter’s CEO Elon Musk revealed on Wednesday that he’d eventually have to reduce his time at Twitter and hire a new leader to run the social media company. The latest development comes on the heels of Elon Musk’s $44 billion acquisition and the latest blue verification check saga. The suspended service is to return on the 29th of this month. The blue verification check was designed initially to show that the account belonged to famous people, politicians, journalists, and public figures, and had been verified by Twitter. Twitter, however, released a subscription option that let anyone who pays for it to get the blue verification check. The company rolled out the option recently as an additional revenue stream to cushion the effect that reduced spending from advertisers had on the company. But things didn’t go as planned…
The CEO also added that he hoped to complete the company’s organizational restructuring this week. The latest remarks came while the world’s richest man testified in a Delaware court to defend against claims that his $56 billion pay package at his EV company Tesala Inc was based on easy-to-achieve performance targets and was approved by a compliant board of directors. “There’s an initial burst of activity needed post-acquisition to reorganize the company. But then I expect to reduce my time at Twitter,” Elon Musk said.
In a subsequent tweet, Elon Musk noted that his plan was to continue to run Twitter until the company is strong enough to be handed over to another leader. He noted that this will take some time.
The CEO’s tweet followed former CEO Jack Dorsey’s tweet that he will not be accepting the role of CEO of Twitter if offered. He said this in response to a Twitter user who asked if he would take on the position of CEO at Twitter.
Tesla’s investors have continued to raise concerns about the time that Elon Musk is committing to Twitter. Elon Musk even admitted that some Tesla engineers were assisting with evaluating Twitter’s engineering teams, although it was on a “voluntary basis” and after hours.