Musk Describes Skyrocketing Workload at Business Forum

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Facts

  • In a virtual address to the "B20" business forum in Indonesia on Monday ahead of the G20 summit, new Twitter owner Elon Musk, the CEO of Tesla and SpaceX, described his recent increased workload since he purchased the social media platform.
  • Musk said, “My workload has recently increased quite a lot...I have too much work on my plate, that is for sure.”
  • In the time since he completed his $44B purchase of Twitter, Musk has laid off a large portion of the company’s staff, let go of the company’s board of directors and top executives, and eliminated contract positions. He’s also been grappling with advertisers to get them to stay on the platform while he attempts to loosen content restrictions.
  • Asked by an attendee what he would say to those in Asia who want to be the “Elon Musk of the East," Musk replied: "I'd be careful what you wish for. I'm not sure how many people would actually like to be me. They would like to be what they imagine being me, which is not the same thing as actually being me. The amount that I torture myself is next level, frankly."
  • Known for his hands-on managing approach, Musk has caused concern among Tesla investors, many of whom worry he's distracted by his involvement in Twitter. Tesla stock has halved in value since April.

Sources: Forbes, USA Today, and Reuters.

Narratives

  • Narrative A, as provided by Bloomberg. Musk is spreading himself too thin, and investors see that. He’s hurting two companies at the same time. Although his time at Tesla started in a similar chaotic manner, he has a harder road ahead of him if he’s going to make Twitter a success and get Tesla back to where it was in the spring. The mogul has a lot of work ahead of him.
  • Narrative B, as provided by CNBC. Musk is a genius, and even the most gifted have permission to mistakes. There might’ve been some missteps, but we can’t judge Musk until we see what moves he makes next. Companies led by geniuses fare better when they’re governed well, and there’s still a chance for Musk to hire talented managers and calm the Twitter chaos while pioneering with SpaceX and Tesla.