Is Elon Musk stepping down? Today, we are going to be going over the latest statement by Elon Musk, where he claimed that he doesn’t intend to be Twitter’s CEO for long.
Is Elon Musk stepping down? Elon Musk does not appear to desire to be the CEO of any firm. So he stated in testimony in a trial on Wednesday challenging his massive pay package at Tesla. Musk, the CEO of several businesses, most notably Twitter, was responding to queries from Tesla’s attorneys when he made the casual remark. “I frankly don’t want to be the CEO of any company,” he stated.
Is Elon Musk stepping down?
The trial, which began on Monday, is centered on whether Tesla’s board behaved lawfully when it authorized a compensation deal for Musk worth almost $52 billion at current share prices, and if Musk had undue influence over that decision. But Musk’s evidence also covered his titles, how he spends his time, and, most crucially, whether he was inebriated when he declared himself “technoking” of Tesla in 2021. He claimed to be sober, but his way of speaking indicated otherwise.
He revealed why he dislikes the title of CEO at his numerous enterprises, stating that he does not see himself as a typical CEO. “At SpaceX, it’s really that I’m responsible for the engineering of the rockets and Tesla for the technology in the car that makes it successful,” he explained. “So, CEO is often viewed as somewhat of a business-focused role, but in reality, my role is much more that of an engineer developing technology and making sure that we develop breakthrough technologies and that we have a team of incredible engineers who can achieve those goals.”
So, is Elon Musk stepping down? He also stated that he does not expect to remain CEO of Twitter indefinitely. Musk took over the firm two weeks ago and has already let off half of the employees, introduced and withdrawn various new product concepts, and oversaw the departure of major big advertisers. “I expect to reduce my time at Twitter and find somebody else to run Twitter over time,” he stated. Musk previously told investors that he only anticipated being Twitter’s CEO for a limited time.
According to James Murdoch, a former Tesla board member, Musk is considering stepping down as CEO of Tesla. Later in the day, Murdoch testified that Musk has expressly mentioned who he wants to follow him as CEO of Tesla — but was not asked by attorneys for the plaintiffs to name that individual. In his pre-trial deposition, Murdoch stated that Musk had not specifically mentioned a successor, but had done so in the intervening period. So, that should answer the question “Is Elon Musk stepping down?”
When asked how he spent his time in 2017 while the pay package was being put together, Musk said he split his time between Tesla and SpaceX, with less time spent on his tunneling and brain chip ventures — though, by the end of the year, he spent almost all of his time at Tesla, which was in the midst of its so-called “production hell” with the Model 3.
Investors are concerned about Musk’s capacity to multitask and if the billionaire is taking on too much to genuinely lead so many firms. Musk said that the majority of his time is spent “wherever the crisis is.” This is not to argue that Musk isn’t thinking about the long term. When asked about the Tesla Roadster that is now in orbit, Musk described it as an “art piece that will last millions of years.”
When asked about his aggressive approach with authorities, notably the Securities and Exchange Commission, Musk doubled back. “In general, I think the mission of the SEC is good but the question is whether that mission is being executed well,” he responded. “In some cases, I think it is not. The SEC fails to investigate things that they should and places far too much attention on thing that are not relevant.”
Musk then mentioned the “recent FTX thing,” in which the cryptocurrency exchange filed for bankruptcy. “Why was there no attention given to FTX?” Musk inquired. “Billions were lost by investors. “Investors lost billions. Yet the SEC continues to hound me despite shareholders being greatly rewarded. This makes no sense.”
Despite a 2018 deal with the SEC creating control over his public comments following his unsuccessful effort to take Tesla private, he emphasized that no one checks his tweets before he writes them. He has since gone to court to challenge the consent decree, claiming he was bullied into signing it. “The consent decree was made under duress,” Musk alleged in court today. “An agreement made under duress, is not valid, as a foundation of law.”
Musk was also questioned about an offensive tweet he published in July 2020, writing, “SEC, three letter acronym, middle word is Elon’s.” Musk stated in oath that he intended it to stand for “Save Elon’s Company,” but that it was misunderstood.
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