An attempt by Elon Musk to stop the talent drain
Billionaire Elon Musk offered bonus shares to Twitter employees, valuing the company at $20 billion, The Information reported, citing an anonymous person familiar with an email the CEO sent to the staff.
The $20 billion valuation is less than half of the $44 billion Musk paid to buy the social media platform last year, which in theory would offer employees a big profit opportunity if the company’s value recovers.
It is reported that many startups offer stock options at deep discounts.
The move can be seen as an attempt to stem the talent drain. As during his administration, Musk laid off thousands of employees in a series of job cuts that then led to mass resignations, as workers fled the growing uncertainty regarding the direction of the company, according to Bloomberg, and Al Arabiya viewed it. .net”.
And Musk made significant content moderation changes that scared off some advertisers and eroded value.
The company has also begun removing old verification tags that previously helped users confirm the veracity of statements made by public figures and news organizations.
The Wall Street Journal reported earlier that Twitter was offering new stock grants to employees that would begin to vest following 6 months.
