Twitter workers might need left the workplace Friday feeling significantly 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 obtained no such data by the top of the workday. “Persons 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 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 obtained no speedy reply, at the very least not from any people. (The corporate not has a media communications crew.)
Within the electronic mail, Musk acknowledged the novel modifications at Twitter since his $44 billion takeover in October, however stated they have 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 can do periodic liquidity occasions, he reportedly wrote.
Twitter is providing workers new fairness grants that can begin to vest after six months, in accordance with the Journal, and in a few yr it would provide a liquidity occasion through which they’ll money out a few of that fairness.
The brand new grants will vest over 4 years, in accordance with the Journal, and will likely be separate from legacy fairness transformed to money when Musk took over.
The grants mirror a roughly $20 billion valuation, about 55% beneath the value Musk paid for the corporate, in accordance with The Data.
Musk took Twitter non-public 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, in accordance with the Journal. As of December, the corporate had about 2,000 employees, following one spherical of layoffs after one other and drastic cost-cutting measures.
Earlier this week, Musk despatched workers an electronic mail at 2:30 a.m. saying the “workplace isn’t optionally available,” complaining concerning the San Francisco workplace being half empty. Musk has been a fierce critic of distant work, suggesting distant workers solely “fake to work.”