Elon Musk said he may need the rest of this year to put things right at Twitter Inc. before handing off to a new chief executive officer, potentially prolonging concerns the billionaire is being distracted from leading Tesla Inc.
“I need to stabilize the organization and just make sure it’s in a financially healthy place and the product road map is clearly laid out,” Musk said via a remote video link to the World Government Summit in Dubai on Wednesday.
Musk’s involvement with the social media company contributed to a $720 billion wipeout in Tesla shares last year. The stock has rallied about 70 per cent this year as investors regained their appetite for growth companies and amid signs that demand for its electric vehicles is rebounding. Tesla shares rose about 2 per cent in early New York trading Wednesday.
Musk committed to handing off the reins to Twitter after running a poll of his followers in December. Close to 60 per cent were in favor of him stepping down, motivated in part by concern about him being distracted from Tesla. At the time, he said it was a matter of finding “someone foolish enough to take the job.”
At the summit, Musk described Twitter as “still somewhat of a startup in reverse.” Lots of work is needed to get Twitter to a “stable position,” he said.
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