Speed Reads

Stepping Aside?

Report: Elon Musk considering stepping back from Twitter and Tesla

Twitter CEO Elon Musk said Wednesday he plans to eventually find someone else to run the social media brand, according to Reuters, and is reportedly considering doing the same with another one of his companies, electric car giant Tesla. 

Musk's remarks came during testimony in a Delaware court, in which he took the stand in a lawsuit over his $56 billion pay package from Tesla. The lawsuit claims that the package was based on easily achievable targets approved by a handpicked board of directors. 

Per Reuters, investors at Tesla are reportedly becoming more concerned that Musk is devoting too much of his time to Twitter. However, during the testimony, Musk said, "There's an initial burst of activity needed post-acquisition to reorganize the company, but then I expect to reduce my time at Twitter." 

It may be, though, that Musk is also looking toward the next chapter at Tesla. 

This revelation reportedly came from one of Tesla's board members, James Murdoch, who also testified at the trial. During the testimony, Murdoch told the court Musk had recently "identified a potential successor" that could take over as CEO of Tesla, The Wall Street Journal reported. This would seemingly mark a change for Musk, who said in 2021 that he had no plan of succession for Tesla. 

"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," Musk said of his job at Tesla.