Elon Musk will need more trusted recruits if he wants to successfully reinvent Twitter, according to one former top CEO.
Elon "needs a team around him," Bill George, former Medtronic CEO turned leadership expert, said on Yahoo Finance Live (video above). "He's not starting something new. This is an ongoing enterprise. Millions of people are posting every minute on that site. So I think he's got a tiger by the tail. He's a brilliant guy, but I think he's going to need help. And I would like to see him bring in a CEO because I'm worried about Tesla too."
Twitter has been in a state of chaos since Musk assumed control of the platform earlier this month.
Musk kicked off layoffs of roughly half of Twitter's 7,500-strong workforce several weeks ago as he seeks to reposition the social media platform for profitable growth after a $44 billion acquisition.
Most of the firing occurred in Twitter's ethical AI, marketing and communication, search, public policy, and wellness departments, according to reports.
After these initial layoffs, Musk demanded employees sign a pledge to work under "extremely hardcore" conditions or else be canned. The ultimatum was met with a revolt among Twitter's remaining employees, causing Musk to soften his stance.
Musk has continued to lay off Twitter workers, including on the day before Thanksgiving. The layoffs have reportedly left Twitter's key departments — notably its regulatory department — at dangerously low levels.
Meanwhile, Tesla's stock has crashed by 18% over the past month as the Twitter drama has unfolded.
"I think he's got to get back and worry about Tesla," George warned. "Tesla has enormous potential, but I think he's got to go and worry about that. He's spending all his time, obviously, on Twitter, and I don't know if it's going to produce dividends. But it could cost a lot more on the other side."