President Biden reacts to Elon Musk’s Twitter acquisition.
Twitter CEO Elon Musk revealed his plans about whether he’ll continue to helm the social media company in the future during testimony Wednesday in the trial over his Tesla compensation package.
Musk, testifying on the stand in the Delaware Court of Chancery, said he expects to "reduce my time at Twitter" and "find somebody else to run" the social media company "over time," according to the Wall Street Journal. He reportedly also acknowledged that much of his time has been dedicated to Twitter since he acquired it in late October, though he expressed expectations it would not be that way long-term.
YELLEN SAYS THERE IS ‘NO BASIS’ FOR PROBING MUSK'S $44 BILLION TWITTER ACQUISITION
The Tesla CEO’s $44 billion purchase of Twitter came after a lengthy legal battle that involved the same court and judge that Musk was testifying before on Wednesday, giving him and the social media company an Oct. 28 deadline to complete it. Since taking over, he has made major changes to Twitter, such as laying off about 50% of its workforce and launching a verification badge purchasable for $8 per month.