Elon Musk-owned Twitter recently laid off several employees. Post this the company has announced significant performance-based stock awards for the remaining staff.
Elon Musk has sent 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.”
Recently, Elon Musk has also shut two out of three Twitter India offices. The company has told its staff to work from home. The main focus is to shut down offices around the world as part of an effort to get Twitter financially stable by late 2023.
The company has closed its offices in the political center of New Delhi and the financial hub of Mumbai. The southern tech hub of Bengaluru mostly houses engineers and it will work as usual.
As earlier, Twitter reportedly fired over 90% of the workforce in India which is nearly 200-plus staff in India over the weekend last year as part of the global restructuring exercise initiated by the company’s new owner Elon Musk.
After acquiring Twitter in a $44 Bn deal, Tesla boss Musk has initiated a complete overhaul of the company’s employee structure and business model. Just after taking ownership of the company, Musk fired Twitter’s top executives, including its CEO Parag Agrawal, CFO Ned Segal, and legal affairs and policy chief Vijaya Gadde.
Earlier a report claimed that Twitter about 80 percent of its employees shrunk since Elon Musk took over. The report also claimed that now the headcount is nearly 1,300 working employees. However, Elon Musk issued a clarification tweet correcting the number reported in the article along with additional details. He said that there are 2300 actively working employees.
