Elon Musk says he will find a new leader for Twitter

Elon Musk said on Wednesday he expects to reduce his time at Twitter and eventually find a new head to run the social media company, adding he hopes to complete an organizational restructuring this week.

usk made the comments while testifying in a Delaware court to defend against claims that his $56 billion pay package at Tesla Inc. was based on easily achievable performance targets and was approved by a compliant board of directors.

However, Musk later said in a tweet that he would continue to operate Twitter until it’s in a strong place, although it “will take some time.”

Musk’s tweet came after former CEO Jack Dorsey said he would not be taking on the role of Twitter CEO. In a response to a Twitter user when asked if he would take the CEO position, he said “no”.

Tesla investors are increasingly concerned about the time Musk is spending transforming Twitter.

“There is an initial burst of activity required after the acquisition to reorganize the company,” Musk said in his statement. “But then I expect to reduce my time on Twitter.”

Musk also admitted that some Tesla engineers helped evaluate Twitter’s engineering teams, but he said it was on a “voluntary basis” and “after hours.”

The billionaire’s first two weeks as Twitter owner were one of rapid change and chaos. He quickly fired Twitter’s former CEO and other senior executives, and laid off half of his staff earlier this month.

Musk emailed Twitter employees early Wednesday, telling them they had by Thursday to decide whether they wanted to stay at the company to work “long hours, at high intensity,” or receive a severance package equal to three months’ salary wanted to claim.