After buying Twitter and running the social media company for less than a month, Elon Musk has confirmed that he may need to appoint another executive to be CEO in his place.
After finally buying Twitter, following the back and forth, Elon Musk appointed himself CEO. This is in addition to his current responsibilities as an executive at various companies, including Tesla, where he is also the CEO.
Elon Musk will find someone else to be Twitter’s CEO
However, Elon Musk has confirmed that his position as CEO of Twitter is temporary. In fact, he stated that he did not want to be the CEO of any company. He made his decision known during testimony at a trial regarding his compensation package at the company.
Elon Musk and Tesla are in a lawsuit over the CEO compensation plan the manufacturer awarded him in 2018. This compensation plan made the businessman today the richest man in the world. Following the CEO payout, shareholder Richard J. Tornetta filed a lawsuit against Musk and Tesla over the matter. He claimed that the payment was excessive. The plaintiff added that Tesla’s board of directors authorizing it amounted to a breach of fiduciary duty.
According to Elon Musk, the work he does at Twitter and his other companies is not a perfect fit for the role of a CEO. He explained:
“At SpaceX, it’s really that I’m responsible for rocket engineering and at Tesla for the car technology that makes it successful. So the CEO is often seen as a somewhat business-oriented role, but really my role is much more of an engineer developing technologies and making sure that we’re developing breakthrough technologies and that we have a team of incredible engineers who can achieve those goals.”
He added that the “great engineers“only work for great engineers, and that this is his main job before being CEO. When asked about the use of Tesla employees on Twitter, Musk said that the workers are there on a “voluntary basis“, and that they work after hours. He added that the work also lasted a few days and is already completed. Looking ahead, Elon Musk also noted that he couldn’t be the CEO of Twitter forever, given his other responsibilities at Tesla.
“I expect to reduce my time at Twitter and find someone else to lead Twitter over time.”
As expected, he talked about the FTX collapse that cost investors millions. Musk said the SEC has a good mission, but whether it is executing it is a question. The billionaire said that the SEC did not pay enough attention to FTX to be able to warn about the collapse in advance. He added: “Yet the SEC continued to harass me while the shareholders were handsomely rewarded. This makes no sense“.