Musk Says Twitter Employees Can Still Receive Stock Despite The Company Going Private
Elon Musk, the new owner of the private company Twitter recently made an announcement to his employees. He said that although Twitter is now a private company, employees will still be able to receive stock or options in accordance with the ongoing compensation plan. This announcement was made in the internal memo of Twitter and was viewed by the media.
According to Elon Musk, the stock plan at Twitter will be similar to the one at SpaceX (another company of Elon Musk). At SpaceX company, secondary offerings are a regular affair that allows the stockholders to sell their stocks (equity).
Every year, there are two days when SpaceX employees are awarded company stock. The first date is 15 May and the second date is 15 November.
Exceptional Performance Is Important
Elon Musk also stressed the point that exceptional amounts of Twitter shares would only be granted to those who show exceptional performance.
Ever since the multi-billion dollar takeover of Twitter by Musk, there's been a lot of turbulence at the company... With the advertisers leaving the ship to mass layoffs, there's a lot happening at the company. With all of this negativity, the announcement that employees will be able to get company shares is a fresh air of relief!
However, we will still have to wait to get an idea of when the Twitter stocks will be given to the employees. For the SpaceX company, we already know about the two dates (15 May and November). But for Twitter, there's still no date, and all we have is a confirmation from Elon Musk.
But it is steps like these that give confidence to the employees of Twitter to work hard and, more importantly, to feel safe. With the mass layoffs, there's no doubt that fear has swept throughout the company as people are worried about their job safety at the company.