Social Media
Twitter to Get New “Leader” as Elon Musk Pledges More Working Time to Tesla
Tesla investors have been increasingly concerned about the time that Musk is devoting to Twitter at the expense of Tesla whose stock value has fallen by almost 49 percent.
Twitter’s new owner and Tesla CEO, Elon Musk has disclosed that he will be dedicating more time to Tesla as Twitter is about to have a new “Leader”, Elon Musk said while testifying in a Delaware court yesterday.
It could be recalled that soon after Musk completed the acquisition of Twitter in October 2022, he fired the company’s previous chief executive and other senior leaders.
A week after, he retrenched half of the workforce at the microblogging platform.
Elon Musk who also doubled as the world’s richest man has been running the social media giant ever since. A development that has unsettled a number of Tesla investors.
Tesla investors have been increasingly concerned about the time that Musk is devoting to Twitter at the expense of Tesla whose stock value has fallen by almost 49 percent.
However, at the court on Wednesday, the tech billionaire noted that he will “reduce his time at Twitter and eventually find a new leader” to run the social media company.
“There’s an initial burst of activity needed post-acquisition to reorganise the company,” Musk was quoted by Reuters. “But then I expect to reduce my time at Twitter,” he added.
Meanwhile, Elon Musk’s leadership at Twitter so far has been marred with a lot of controversies, changes, opposition and backlashes.
He had initially disclosed that he would increase Twitter’s monthly subscription fee for verified accounts to $20. A development that was strongly opposed by some users. However, his gesture to settle for $8 also met some opposition.
Similarly, many big brands such as Ford, Volkswagen, General Motors, United Airlines and a host of others have suspended paid advertisements on the Twitter platform pending when they will have a clear direction of where Musk is taking Twitter.
The brands have alleged that Elon Musk intends to open the social media platform to hate speech while Musk himself has hinted to reactivate some suspended Twitter accounts including Donald Trump’s.