Elon Musk gives Twitter employees details of ‘very important’ stock awards after relentless layoffs, cost-cutting: Report
Twitter Employees may have left the office on Friday feeling particularly dismayed. Last month, after another round of layoffs, CEO Elon Musk said he would share information on “very important stocks and other performance-based compensation bonuses” on March 24.
Employees do not receive such information at the end of the business day. “People are not happy, to say the least,” tweeted Platform journalist Zoë Schiffer, who closely follows the company.
But last night, it became clear that Musk sent an email to employees with some much-anticipated details. Schiffer and The Wall Street Journal report that they have received the message.
Luck contacted Twitter for comment but did not receive an immediate response, at least not from any human. (The company no longer has a press team.)
In the email, Musk acknowledged the radical changes at Twitter since he took over for $44 billion in October, but said they were necessary because the company was almost out of money. based on Schiffer. Now that financial incentives for employees should be relevant to the company, it will conduct periodic liquidity events, he wrote.
Twitter is offering employees new equity grants that will begin to be awarded in six months, based on the magazineand in about a year it will provide a liquidity event in which they can withdraw some of that equity.
The new grants will be awarded over four years, according to magazineand will be separate from the legacy equity that is converted to cash when Musk takes over.
Musk made Twitter private after buying it. In its last full year as a public company, it had more than 7,500 employees and spent nearly $630 million on stock-based compensation, according to the report. magazine. As of December, the company has about 2,000 workerslayoff after wave of layoffs and fiercely cost-cutting measures.
Earlier this week, Musk sent employees a email at 2:30 am says “the office is not optional,” complains about the half-empty San Francisco office. Musk is already a harsh critic of remote work, suggest that remote workers just “pretend to work”.
