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Elon Musk offers Twitter staff particulars on ‘very important’ inventory awards after relentless layoffs, cost-cutting: Report


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

Staff acquired no such data by the tip of the workday. “Individuals are not pleased, to say the least,” tweeted Platformer journalist Zoë Schiffer, who tracks the corporate carefully. 

However late final evening, Musk apparently despatched an electronic mail to staff with among 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 fast reply, at least not from any humans. (The corporate now not has a media communications group.)

Within the electronic mail, Musk acknowledged the unconventional modifications at Twitter since his $44 billion takeover in October, however stated they had been wanted as a result of the corporate had been near working out of cash, according to Schiffer. Now, monetary incentives for employees ought to align with the corporate, which is able to do periodic liquidity occasions, he reportedly wrote.

Twitter is providing staff new fairness grants that can begin to vest after six months, according to the Journal, and in a few yr it can provide a liquidity occasion during 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 probably be separate from legacy fairness transformed to money when Musk took over.

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

Earlier this week, Musk despatched staff an email at 2:30 a.m. saying the “workplace is just not optionally available,” complaining in regards to the San Francisco workplace being half empty. Musk has been a fierce critic of distant work, suggesting distant staff solely “fake to work.”

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