Elon Musk gives Twitter employees details on ‘very significant’ stock awards after relentless layoffs, cost-cutting: Report

Twitter workers may need left the workplace Friday feeling notably demoralized. Final month, after yet one more spherical of layoffs, CEO Elon Musk indicated he’d share details about “very important inventory and different compensation awards, based mostly on efficiency” on March 24. 

Staff acquired no such info by the tip of the workday. “Persons are not completely satisfied, to say the least,” tweeted Platformer journalist Zoë Schiffer, who tracks the corporate intently. 

However late final night time, Musk apparently despatched an e-mail to workers with a few of the much-anticipated particulars. Schiffer and the Wall Road Journal reported they obtained the message. 

Fortune reached out to Twitter for feedback however acquired no instant reply, no less than not from any people. (The corporate not has a media communications group.)

Within the e-mail, Musk acknowledged the novel modifications at Twitter since his $44 billion takeover in October, however mentioned they have been wanted as a result of the corporate had been near working out of cash, based on Schiffer. Now, monetary incentives for staff ought to align with the corporate, which can do periodic liquidity occasions, he reportedly wrote.

Twitter is providing workers new fairness grants that can begin to vest after six months, based on the Journal, and in a couple of yr it can provide a liquidity occasion through which they’ll money out a few of that fairness.

The brand new grants will vest over 4 years, based on the Journal, and will likely be separate from legacy fairness transformed to money when Musk took over.

Musk took Twitter personal after shopping for it. In its final full yr as a public agency, it had greater than 7,500 workers and spent almost $630 million on stock-based compensation, based on the Journal. As of December, the corporate had about 2,000 staff, following one spherical of layoffs after one other and drastic cost-cutting measures. 

Earlier this week, Musk despatched workers an e-mail at 2:30 a.m. saying the “workplace will not be non-obligatory,” complaining concerning the San Francisco workplace being half empty. Musk has been a fierce critic of distant work, suggesting distant workers solely “faux to work.”

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