The microblogging platform, Twitter has recently informed its employees that they would be receiving only half of their annual bonus.
As per report, the employees are receiving this due to economic uncertainty plaguing the company. The company shot off an email in which it blamed financial pressure for the move on the decision to trim employees‘ bonus payout’.
Like other leading companies, Twitter has recently cut costs to deal with the sluggish economy. It has also slowed hiring and reduced its real estate footprint.
Twitter is currently fighting a legal battle with Tesla chief Elon Musk who had shown intent to buy the company for $44 billion a few months back. Last month, the company has seen a decline in its revenue for the first time since 2020. The company reported second-quarter revenue of $1.18 billion, compared with $1.19 billion a year earlier.
In the email to employees, Twitter CFO Ned Segal said that the financial challenges would affect the annual bonus they receive, with the bonus currently at 50 percent of what it could be if the company met its financial targets.
Tesla boss Musk had offered to buy Twitter earlier this year but backed out claiming that the social media platform was unable to share data on ‘spam bots’ and fake accounts. The company sued him to force him to complete the acquisition.
However, Elon Musk accused the Company of concealing information and not disclosing the exact number of users that are fake or bots. This development came close on the heels of Twitter employees making their disapproval of Elon Musk’s intended takeover of Twitter clear.
Recently, Elon Musk challenged Twitter CEO Parag Agrawal to a public debate over the long-discussed spam bots issue.
“Let him prove…that Twitter has <5% fake or spam daily users,” Musk tweeted. He also started a poll asking users whether less than 5% of Twitter’s daily users are fake or spam.
The company dismissed Musk’s that he was hoodwinked into signing the deal to buy the social media company, saying that it was “implausible and contrary to fact”.
