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Twitter tells employees they might get only half their annual bonus

Twitter warned its staff Friday that they may obtain solely half of their typical annual bonuses because the social media firm grapples with economic uncertainty.

Twitter, which is
fighting a legal battle to complete a $44 billion sale to Elon Musk, made the announcement in an e mail to staff and blamed its monetary efficiency for the potential bonus reduce. When the corporate reported quarterly earnings final month, its income declined for the primary time since 2020 and it swung to a internet loss.

Advertisers, who generate most of Twitter’s income, have been skittish as financial fears over the struggle in Ukraine tamp down spending and Musk’s acquisition bid generates uncertainty in regards to the firm’s future.

Musk, who agreed to buy Twitter in April, is now attempting to
pull out of the deal.
Twitter has sued him to force the acquisition. The corporate is ready to face off with Musk in an
October trial in Delaware Chancery Court.

Within the e mail to staff Friday, Ned Segal, Twitter’s chief monetary officer (CFO), stated these challenges would in all probability have an effect on the annual bonuses that they obtain, with the bonus pool at present at 50% of what it might be if the corporate met its monetary targets, in keeping with two staff who acquired the message. The determine may fluctuate all year long, based mostly on Twitter’s earnings. The corporate ties its annual bonuses to its efficiency in opposition to income and profitability objectives.

A Twitter spokesperson confirmed the accuracy of the e-mail and declined additional remark.

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Like different social media firms, Twitter has not too long ago reduce prices to take care of the sluggish financial system. It has additionally slowed hiring and decreased its actual property footprint.

Twitter employs greater than 7,500 individuals. A lot of them
have expressed misgivings over Musk’s acquisition plans, whereas others have been wanting to work for him — solely to be disenchanted when he indicated he needed to desert the deal. Parag Agrawal, Twitter’s CEO, has inspired staff to concentrate on their work and tune out the noise over the deal.

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