Twitter Offered 20 Billion USD Worth of Stock Grants to Staff
Stock awards are a regular feature of Twitter, with employees receiving grants that vest over a period of time. The company has not yet officially announced how many employees or who all will receive these grants.
Twitter Offered 20 Billion USD Worth of Stock Grants to Staff
After laying off thousands of employees and closing offices around the world, Twitter offered $20 billion worth of stock to existing employees.
As reported by the Wall Street Journal, Twitter employees are to receive shares worth around $20 billion. However, this is not even 50 percent of what Elon Musk, CEO of Twitter, had spent on the acquisition of the social media company in 2022.
Stock awards are a regular feature of Twitter, with employees receiving grants that vest over a period of time. The company has not yet officially announced how many employees or who all will receive these grants.
Musk has told employees that while it will not be easy, he expects the company to reach a valuation of more than $250 billion. This means that these shares, which are granted now, are expected to increase in value many times over.
In an email to employees, the company said that employees will have the opportunity to redeem some of their shares in about a year.
In the meantime, Musk recently reminded Twitter employees that coming into the office is no longer an option, but a must. Musk had already made his position on telecommuting clear last year, during the Twitter acquisition.
In fact, he reportedly sent out an email in the early hours of the morning stating that there would be no remote work and that those who did not want to return to the office full time should think about leaving Twitter.
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