Elon Musk has finally spoken out about granting employees equity incentives, announcing that the awards will be based on a valuation of about $20 billion. The microblogging network was purchased by Musk for less than half of $44 billion, according to The Wall Street Journal. He said to staff members in an email, "I see a clear, but difficult, path to a >$250B valuation." According to him, twitter is changing so that it "can be thought of as an inverse startup."
Twitter informed staff that it is providing additional equity grants to employees, which will begin to vest after six months, in a separate email. The business will provide a liquidity event in about a year during which they can cash out portion of that equity. According to the Journal, the new scholarships will vest over a period of four years. In 2021, twitter paid out around $630 million in stock-based compensation.
After Musk fired thousands of people over the course of numerous rounds of layoffs, the company, which once had more than 7,500 employees, is now down to approximately 2,000 employees. twitter announced a staggering 40% loss in revenue and adjusted profitability for december 2022 despite Elon Musk's efforts to monetize the microblogging service. According to persons familiar with the situation, the Wall Street Journal had earlier claimed that some sponsors "ditch[ed] the social-media platform following Elon Musk's takeover."
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