Elon Musk said he plans to reduce his time at Twitter and find a new leader to run the social media company.
Musk also said that he hoped to complete an organizational restructuring at Twitter by the end of this week.
Musk’s comments came after former Twitter chief executive Jack Dorsey said that he will not be returning to run the company.
Investors at electric vehicle maker Tesla (TSLA), which Elon Musk also leads, have been increasingly concerned about the time that Musk is devoting to Twitter.
Musk has said that he is using some Tesla engineers to evaluate Twitter and its army of computer scientists, programmers, and engineers, but said those people are working at Twitter “after hours.”
Musk’s first few weeks as privately held Twitter’s owner have been chaotic. He fired Twitter’s previous CEO and other senior leaders and has laid off half the company’s workforce.
Musk sent an email to Twitter employees earlier this week, telling them that they need to decide whether they want to stay on at the company and work “long hours at high intensity” or take a severance package of three months pay and leave.
Tesla’s stock is down 53% this year at $186.92 U.S. per share.
