Twitter employees bonuses nixed as fear spreads that Elon Musk's promised stock grants are worthless
" performance, including in the form of restricted stock units. Even those who have been told that they're performing up to Musk's mercurial standards have yet to reap any such rewards. Instead, they've received further cuts to benefits,"nebulous" and"shady" promises of future financial returns, and more work. Some even regularly work 100-hour weeks given the lack of staff and Musk's shifting demands, two people familiar with the company said.
Earlier this year several employees received letters of"intent to grant" a certain amount in company stock priced at"fair market value" with no information on price or when grants would be issued, the people familiar said. In March, Musk told employeesreported by the newsletter Platformer that Twitter, now part of X Corp., is currently valued at $20 billion, or less than half the $44 billion he paid to acquire it in October.
Musk did not share any detail of how that valuation was reached, according to the people familiar. Although, an accurate valuation doesn't matter much right now, since no employees have received any grants of company stock as yet. They still only have the emailed"intent to grant" letters, one of the people familiar said. And, as of this week, there has been"no transparency" into the valuation of the company or pricing of the expected shares.
"We're all assuming they may not be worth anything," the person familiar said."The story was that committing to Twitter 2.0 will be rewarding, but he's failed to deliver."Twitter also recently told employees that there will no longer be any cash bonuses given to anyone at the company. Although employees were supposed to receive a payout for bonuses earned last year, none of the bonuses have been funded, the people familiar said.
One of the people familiar expressed doubt that performers deemed"excellent" will ever receive anything for their work under Musk and that the"intent to grant" letters were simply an"attempt to retain people." Through layoffs, firings, and attrition, Twitter is now
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