Elon Musk promises 'very significant' performance-based awards for remaining employees after Twitter layoffs

Elon Musk promises 'very significant' performance-based awards for remaining employees after Twitter layoffs

In the memo, Musk acknowledged the difficult organizational overhaul and the feedback received from the entire company. He also emphasized that those who remained were highly regarded by their colleagues.

FPJ Web DeskUpdated: Tuesday, February 28, 2023, 11:34 AM IST
article-image
Elon Musk | File Photo

Elon Musk, the billionaire CEO of SpaceX and Tesla, has recently been in the news for laying off a significant number of Twitter employees. However, a new report suggests that Musk plans to reward those who have managed to keep their jobs. The Verge reports that Musk sent out a memo titled 'Performance Awards' to Twitter employees, promising "very significant" performance-based stock awards to the remaining employees on March 24th.

In the memo, Musk acknowledged the difficult organizational overhaul and the feedback received from the entire company. He also emphasized that those who remained were highly regarded by their colleagues. While Musk laid off around 200 Twitter employees, which accounts for approximately 10% of the remaining employee count, the report suggests that those who were spared from the job cuts can look forward to a significant reward for their performance.

Musk's memo suggests that he values the contributions of the remaining employees and hence wants to award them

The performance-based stock awards are likely to incentivize the remaining employees to continue to perform at a high level and contribute to the company's success. While the job cuts were undoubtedly a difficult and challenging experience for those involved, Musk's memo suggests that he values the contributions of the remaining employees and wants to motivate them to continue to excel.

The job cuts also included some executives, including Esther Crawford, who was slated to oversee the rollout of Twitter Blue. However, Musk's memo suggests that he believes the remaining employees have what it takes to execute the company's plans and improve future performance.

Musk's decision to offer performance-based stock awards to the remaining employees is likely to be seen as a positive gesture that will help to boost morale and motivation among the workforce. While the job cuts were undoubtedly a difficult experience, the rewards on offer for those who remain could help to create a more positive outlook for the future of the company.

RECENT STORIES

NCLT Orders Insolvency Proceeding Against Supernova Project Developer Supertech Realtors

NCLT Orders Insolvency Proceeding Against Supernova Project Developer Supertech Realtors

Karnataka Government Hikes Sales Tax On Petrol And Diesel, Prices Set To Surge

Karnataka Government Hikes Sales Tax On Petrol And Diesel, Prices Set To Surge

Stock Market Weekly Round-Up: Check Out Indices Performance, Sectoral Gains, And Key Economic...

Stock Market Weekly Round-Up: Check Out Indices Performance, Sectoral Gains, And Key Economic...

PM Modi To Release ₹20,000 Crore Under PM KISAN Scheme In Varanasi On June 18

PM Modi To Release ₹20,000 Crore Under PM KISAN Scheme In Varanasi On June 18

ITR 1 vs ITR 2: Which One You Should Opt And Fill

ITR 1 vs ITR 2: Which One You Should Opt And Fill