American billionaire, Elon Musk has disclosed his plan to resign as the Chief Executive Officer (CEO) of Twitter.
Musk made this disclosure amid a lawsuit from Tesla’s investor.
It would be recalled that Musk acquired Twitter in a $44 billion deal, after which he sacked the entire board members, including the former CEO, Parag Agrawal, of the micro-blogging site.
More so, to reduce the company’s expenses, Musk has been laying off Twitter workers, a development he said has been saving the company $4 million per day.
Why are Tesla investors suing Musk?
In their lawsuit against Musk, Tesla investors argued that the billionaire is no longer working full-time at the automobile company, unlike what he’s doing with Twitter operations.
BizWatch Nigeria understands that Musk got sued after he sold about $20 billion worth of Tesla shares to fund his acquisition of the social media company.
The billionaire’s defence
During a hearing relating to the lawsuit on Wednesday, November 16, 2022, Musk told Delaware court that he intends to appoint a CEO to replace him at the social media company, stating, “I expect to reduce my time at Twitter.”
He had explained to the court that, “There’s an initial burst of activity needed post-acquisition to reorganize the company.”
Musk was told that his pay deal with Tesla should mandate him to work for a specific time at the electric carmaker, but the billionaire said, “I pretty much work all the time,” He added, “I don’t know what a punch clock would achieve.”
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