Musk Said He Plans to Reduce His Time at Twitter as He Defends His $56 Billion Tesla Payment Deal

He claims that he is a very busy man. It is hard to believe that he can keep up with all of his companies. The time management question is important to the current lawsuit because it argues that Musk doesn't deserve the large payment package he received from the electric automaker.

The Delaware Court of Chancery had Musk testify. The same court that heard the case against Musk was the one that forced him to buy the platform. He was in front of the same judge who heard the case on the social networking site.

The reorganization efforts should be done by the end of next week according to Musk. Musk said he was at the San Francisco headquarters of the micro-blogging site all night. Will work and sleep here until org is fixed. He wants to reduce his time at the office and possibly put someone else in the leadership role. He keeps trying to fire people who won't sign on to his "hardcore" version of the social networking site.

The lawsuit was filed by Richard Tornetta, a shareholder in the electric car maker, who claimed that the board gave Musk a huge pay package even though he was only spending half his time at the company. The lawsuit claims that the board of the company had too many ties to Musk and that he was involved in negotiating his huge pay package.

In court, the board denied the claims and the board chair claimed the pay was to motivate the company to achieve things that were bold and audacious. There have been a lot of bold and audacious things Musk has done recently.

When he got the pay package, Musk said he was spending less than half of his time at the company. He thinks it makes sense that he should be given a lot of money because he is working on something that is good for humanity. According to CNN, emails read out loud in court show that Musk threatened to remove shareholders from his companies if they didn't approve the plan.

Musk claimed that participation was voluntary, despite the fact that a portion of staff that experienced an extreme number of layoffs compared to other departments participated.

Musk's fortune was worth over $200 billion last year, making him the wealthiest person in the world. He had been climbing the ranks throughout the late 2010s and early 2020s, but the windfall ofTesla stock gave him a leg up in the lonely race to the golden mountaintop. In order to pay for taxes that he has been criticized for avoiding, Musk sold 10% of his stock in the company.

Musk took aim at the Securities and Exchange Commission consent decree that was supposed to stop him from having a huge impact on stock prices with his loose-mouthed statements during his deposition. The original order was part of a settlement with the SEC after the billionaire announced on his social media page that he was going to take the electric car company private. He said he had funding secured. His electric car company's stock price went out of control because of all that talk.

Where is Musk coming from? Musk isn't a lawyer, but he does say that he has been involved in many lawsuits that qualify him to speak on it.

Musk has been trying to get rid of the decree. According to reports, Musk implied that he knew that some of his most recent posts had broken his consent agreement. Musk tried to make the case that the agreement was not valid because it was made under duress.