Elon Musk Says Twitter Employees Will Receive “Very Significant” Performance-Based Stock Awards

by | Feb 28, 2023

Even though Twitter employees have been subjected to ongoing layoffs since Elon Musk took over the firm last year, some positive news may be in the works. According to The Verge, a US-based tech newspaper, Musk notified staff who had not been laid off that they would receive “quite big” performance-based stock rewards on March 24. This comes after Twitter fired 200 employees over the weekend, including its head of product Esther Crawford.

Elon Musk Statment

“This past week, we completed a challenging organizational revamp focused on improving future execution, using as much feedback from the entire company as we could get,” Musk said in an internal missive titled Performance Awards. “Those who remain are held in great regard by those surrounding them.”

This was Musk’s first official message to his employees following the takeover. He has yet to reveal the specifics of the performance-based stock awards. Furthermore, according to the report, Twitter is now a private firm, so it is unclear how he will carry out these awards.

The New York Times report

On Monday, the New York Times reported that Twitter laid off 200 staff over the weekend. The job cuts, which occurred Saturday night, hit product managers, data scientists, and engineers who worked on machine learning and site dependability, according to the source. According to those acquainted with the situation, the team assisted in keeping Twitter’s key functions operational.

The Knowledge report

The Knowledge, a US-based tech publication, reported that Twitter had sacked staff in the ninth round of layoffs since Musk took over. According to the article, the company cut 50 jobs across engineering teams, including those supporting advertising technologies, the primary Twitter interface, and the technological backbone that keeps its systems running.

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Esther Crawford contract termination 

Esther Crawford, who was also given the pink notice, insisted that her optimism and hard work in building Twitter 2.0 were not in vain. “The worst interpretation you could get from watching me go all-in on Twitter 2.0 is that my optimism or hard work was a mistake—people who jeer and mock are always on the sidelines, not in the arena. “I’m extremely proud of the team for persevering in the face of so much noise and mayhem,” the former product chief stated in a tweet.

Crawford was one of the executives overseeing the site’s subscription service, Twitter Blue. In the days following Musk’s takeover of Twitter, she famously posted in a viral piece that employees sometimes have to #SleepWhereYouWork to meet deadlines.

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Sarah M

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Sarah is the founder, owner, editor, and writer at Social Media Notes. She also does SEO, SMM, and is the SEO consultant for various companies. We hope that reading the blog posts on Social Media Notes would bring you more knowledge, and insight. Welcome to Social Media Notes!

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