Tesla, SpaceX, and Twitter are all owned by Elon Musk. speaks with Latif/Reuters
Employees who have a $20 billion value on the company received stock grants from Elon Musk, according to Platformer.
In late October, he paid $44 billion to acquire control of Twitter.
After the most recent wave of layoffs, Musk assured the departing staff that they were “highly appreciated.”
According to sources, Elon Musk acknowledged in an email discussing stock awards that Twitter is now only worth less than half of what he paid its employees.
Platformer’s chief editor, Zoe Schiffer, tweeted Musk informed his staff on Twitter on Saturday that he has been undergoing a time of drastic but essential changes due to the fact that there are “approximately 4 months before the money runs out.” Financial incentives for employees should now be in line with the business, he claims.
The Information also covered Musk’s communication to staff members, in which he stated that during “liquidity events,” they could sell their equity holdings for cash “every six months, based on third-party value.”
According to the source, Musk claims that SpaceX uses a similar procedure, which “achieves the public business advantage of having a liquid stock but without the stock price chaos and load of lawsuits of a public firm.”
According to The Information, he also wants staff to view Twitter as a “reverse startup,” a reference to the thousands of positions that have been cut since he took charge. According to CNBC, Twitter now has fewer than 1,300 employees, up from around 7,500.
After the last round of layoffs in February Musk sent a memo to the remaining employees with the subject “Performance Awards,” saying the remaining employees would receive “very significant” performance-based stock awards, according to The Verge.
“Over the past week we have completed a difficult organizational review focused on improving future execution, utilizing as much feedback as possible from across the business,” he added in the memo. “Those who stay are held in high esteem by those around them.”
Meanwhile, Musk reportedly emailed Twitter employees in the early hours of Wednesday to remind them of the company’s telecommuting policy.
