Twitter CEO Elon Musk is back in news for firing Twitter employees over the weekend. Last weekend, Musk removed a significant number of employees again and however now he is rewarding the remaining employees that they will receive significant performance-based stock awards on March 24.
According to a report by The Verge, Elon Musk has sent out a memo titled ‘Performance Awards’ to Twitter employees. The memo promises that the remaining employees will receive ‘very significant’ performance-based stock awards. The awards will be given out on March 24th.
In the memo Musk said, “This past week, we completed a difficult organizational overhaul focused on improving future execution, using as much feedback as we could gather from the entire company. Those who remain are highly regarded by those around them.”
It is worth mentioning that, the memo titled “Performance Awards”, was Musk’s first message to Twitter employees since he fired hundreds more employees over the weekend, including some senior loyalists and almost the whole product team.
However, Musk hasn’t yet shared any details about “how he will make up for the stock awards that went away when he took Twitter private”, the report said.
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Previously he also made internal comments in which he mentioned the structure he established at SpaceX to allow employees to regularly sell the company’s stock to interested investors.
With this recent cut, Musk has done at least four rounds of layoffs.
To be noted, Elon Musk laid off around 200 Twitter employees over the weekend which translates to around 10 per cent of the total remaining employee count. Twitter also removed some executives including Musk loyalist Esther Crawford who was positioned to roll out Twitter Blue.
Now, the company likely has less than 2,000 employees, which was about 7,500 when Musk took over.