Sergei Elagin
Elon Musk recently emailed Twitter employees stock grants. These grants value the microblogging network at $20 billion. Tesla’s CEO privatized the social media network for $44 billion. After its takeover, many advertisers and personalities left the site, and the new note shows its worth decline. Multiple sources reported the news.
Platformer and The Information broke the news, but others followed. The Wall Street Journal reported that another email said workers would receive new equity grants that would vest after six months.
The note did not specify how many employees got these grants but stated that Twitter employees could cash out some of the equity in a liquidity event within a year.
Elon Musk also runs Space Exploration Technologies Corp. (SpaceX). It has a similar compensation mechanism from 2018, and workers can sell their shares for significant gains.
In 2021, Twitter gave out stock-based compensation to employees to the tune of almost $620 million dollars. It had over 7,500 employees and was a public listed company before it was bought by Musk.
Elon Musk bought Twitter for $44 billion last October and made radical changes. He made the microblogging platform private. He fired thousands of staff. In December, he said that Twitter had about 2000 employees. He has also cut other expenses and has taken a more austere approach when compared with the earlier management at Twitter.
When asked for comment, Twitter’s press e-mail sent a poop emoji in response. Earlier Elon Musk had tweeted that the company will auto respond with such an emoji when it receives inquiries from the media.
Twitter faces lawsuits over unpaid bills for rental properties that were used by Twitter as well as suits by vendors and consultants. These cases remain ongoing.
CWEBÂ has provided some information for this story.
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