Twitter owner Elon Musk recently sent an email to staff at Twitter offering them stock awards. These grants give the micro-blogging platform a value of roughly $20 billion. The CEO of Tesla had bought the social media platform for $44 billion and made it private. Many advertisers and personalities left the platform after its takeover and the new note shows the fall in value of the platform. The news was reported by various outlets.
Although it was first reported by Platformer and The Information, other outlets also reported the news. The Wall Street Journal said that another email viewed by the outlet said that employees would be offered new equity grants that would vest after six months.
The note did not mention the number of employees who had received these grants but indicated that some of the equity could be cashed out by Twitter employees in a liquidity event that would take place approximately within a year.
Space Exploration Technologies Corp., commonly called SpaceX is another company run privately by Elon Musk. It has a similar compensation mechanism from 2018 and the value of its shares have risen, giving employees significant gains, when they are allowed to sell their shares
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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.
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Why does Musk want to buy Twitter and for how much
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