Musk expects to name someone to run Twitter for him

Tesla founder and recently minted Twitter CEO Elon Musk said Wednesday that he anticipated scaling down the time he spends running the social media platform and eventually appointing someone else to manage the company.

"I expect to reduce my time at Twitter and find somebody else to run Twitter over time," the billionaire said while testifying in court as part of a trial over his 2018 pay package as Tesla CEO, according to CNBC.

Richard J. Tornetta, a Tesla shareholder, sued the company and Musk himself over what he considered excessive CEO compensation, alleging the board's approval of the pay package constituted a breach of fiduciary duty.

Musk's purchase of Twitter drew scrutiny from left-wing activists and pundits over his plans to curtail the platform's censorship of diverse viewpoints. He previously suggested he would reinstate the account of former President Donald Trump.

At one stage of proceedings he backed out of the purchase, prompting a suit by the company which ended only after the billionaire offered to honor his original bid. Musk has since announced massive layoffs at the company and initiated significant restructuring.

Despite comments from President Joe Biden suggesting the White House was open to a federal investigation of the company, Treasury Secretary Janet Yellen has insisted she had "no basis" to conduct such a review.