Elon Musk promises stock options to remaining Twitter employees after recent layoffs: Report

The weekend layoffs impacted product managers, data scientists and engineers who worked on machine learning and site reliability, which helps keep Twitter's various features online, an NYT report said, citing people familiar with the matter.

Elon Musk has promised remaining Twitter employees “very significant” performance-based stock awards on March 24, as per reports based on his internal memo. The memo titled ‘Performance Awards’ came on February 27 after the shock layoff of hundreds of employees, including loyalists and nearly the full product team over the weekend.

“This past week, we completed a difficult organizational overhaul focused on improving future execution, using as much feedback as we could gather from the entire company. Those who remain are highly regarded by those around them,” said the memo obtained by The Verge.

Moneycontrol could not independently verify the report.

Also Read | Twitter's cuts off 50 employees over weekend

This is Musk’s first direct communication to Twitter employees since the weekend layoffs, and details about the stock award were not given. Employees speculate they could look at Tesla’s employee stock example for an idea of what could be on the table, the report added.

The weekend layoffs impacted product managers, data scientists and engineers who worked on machine learning and site reliability, which helps keep Twitter's various features online, a report by The New York Times said, citing people familiar with the matter.

Also Read | Twitter lays off 10% of current workforce

Musk has undertaken multiple rounds of jobs cuts at Twitter since he acquired the social media company in a $44 billion deal in October last year. The latest big shave-off saw 3,700 employees receive pink slips in early November 2022.

This was followed by a shutdown of Slack and the company’s Google Chat for work without emails – moves that employees feel were made to limit communication between them during layoffs. Current and former employees told the site that strength could now be below 2,000 from the 7,500 when Musk took over.