Elon Musk promises ‘very significant’ Twitter stock awards for remaining employees after the latest round of layoffs

Twitter employees received an email from CEO Elon Musk on Monday, announcing that they can expect substantial stock awards based on their performance, according to reports.

The Twitter stock compensation is due on March 24, the Verge reported, citing a memo titled “Performance Awards.”

Monday’s statement comes after the social media company underwent another round of layoffs, the third since Musk’s takeover in October. Twitter now has fewer than 2,000 employees, compared to the estimated 7,500 employed before the company changed hands.

“This past week, we completed a difficult organizational overhaul focused on improving future execution,” he wrote, according to the memo first cited by the Platformer. “Those who remain are highly regarded by those around them.”

After he took the company private in the fall, Musk reassured employees that they could still expect Twitter stock rewards as part of their compensation package.

The system would be similar to that of SpaceX — his privately held rocket and satellite company — where employees have rewarded stocks in May and November and are allowed to sell them whenever it conducts secondary offerings to raise fresh funding. The firm was valued at around $137 billion in January.

“As with SpaceX, exceptional amounts of stock will be awarded for exceptional performance,” he wrote in November.

Given the company’s financial strains, including an advertisement exodus that has weighed on revenue, it remains unclear how valuable private shares in Twitter may be.

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