Elon Musk, the world’s richest man, wants to spend less of his time running the microblogging site Twitter. He has said that he will look for a new chief for Twitter. Musk told that he expected to complete the restructuring of the company soon.
electric car company Tesla K Chief Executive Musk gave this information while justifying his salary package of about $ 56 billion in the company. He said that this package is based on such performance targets which are easy to meet and for this the board of directors had approved. However, he later tweeted that he would continue to lead the company until Twitter was in a stronger position. Former CEO of Twitter, Jack Dorsey has said that he company Will not accept offer to handle again. A Twitter user asked him if he would take the CEO position, to which Dorsey declined.
Musk told the court that after taking over Twitter, he needed to invest more time in improving the company. Along with this, he believed that some Tesla engineers are helping in the evaluation of Twitter’s engineering teams. However, he said that Tesla’s engineers are doing this voluntarily and after completing their work. Musk has sold at least $3.95 billion worth of Tesla shares just days after buying Twitter. He said in August that he would sell Tesla shares only if he was forced to buy Twitter. In the regulatory filing done by the company, it has been told that Musk has sold about 1.95 crore shares. However, it has not been informed whether there was a plan for this beforehand or not. Musk, who bought Twitter for about $ 44 billion, has taken a loan of about $ 13 billion from American banks for this.
At the end of last month, Musk completed the deal to buy Twitter. Since then, Tesla’s stock has fallen more than 12 percent. The Nasdaq 100 index has declined nearly two percent during this period. Tesla shareholders want Musk to focus on the company facing challenges. Tesla’s sales have been affected by the slowdown, supply chain issues and rising raw material costs.