In this illustration, Elon Musk’s Twitter account is shown on a mobile phone screen with the Twitter logo in the background. A whistleblower’s complaint that Twitter misled federal regulators about the company’s security risks could provide Elon Musk with a new opportunity in his bid to get away with buying the company at a low price. 44 billion dollars.
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Twitter’s new owner, Elon Musk, told employees on Monday that they can continue to receive stock and options as part of a “continuous compensation plan” even though the company is currently privately owned. individual, according to an internal memo seen by CNBC.
Musk said the stock plan would be similar to the one at SpaceX, where he is also CEO. SpaceX conducts regular secondary service as a way for longtime shareholders to sell equity, provided the company remains private for more than 20 years from the date of incorporation.
SpaceX employees get stock bonuses twice a year, on May 15th and November 15th.
Musk told Twitter employees that “special number of shares” will be granted for “special performance”.
The billionaire began a strong takeover of the social media company after completing a $44 billion acquisition on October 28. His leadership has been marked by mass layoffs. Staff, pausing spend from some advertisers and confusion about platform policy changes. When Musk first took over, some Twitter employees was interested that he would rush to fire them before a crucial dispute date. Still, many were paid before Musk made major workforce cuts.
Read Musk’s message to employees:
Although Twitter is now a private company, we will absolutely continue to offer stock and options as part of our ongoing compensation plan.
The stock plan will be like SpaceX’s plan, which has been very successful. As with SpaceX, a special number of shares will be awarded for exceptional performance.
Thank,
Elon
–CNBC’s Lora Kolodny and Michael Sheetz contributed to this report
