In a Delaware courtroom defending his $56 billion compensation package from Tesla, Elon Musk testified that he intended to reduce his oversight of his new purchase, Twitter, and eventually hand off management to a new executive, Reuters reports.
Investors in Tesla sued in Delaware, where the company is incorporated, claiming Musk’s compensation package had a number of easily-achievable targets that triggered escalators, which he pushed through a compliant board he appointed. Musk’s purchase of Twitter arose to further demonstrate Musk’s lack of attention and commitment to Tesla.
Musk said that the corporate restructuring at Twitter is almost complete and that he will then seek someone to become CEO of the social media giant. When a user tweeted to former Twitter CEO Jack Dorsey if he was interested in the job, Dorsey replied with one word: “Nope.”