Elon Musk offered Twitter employees new equity grants valuing the corporate at $20 billion, The Data reported, citing an unidentified individual accustomed to an electronic mail despatched by the chief government officer to employees.
The $20 billion valuation is lower than half the $44 billion Musk paid to purchase the social media platform final yr, which in principle would provide employees a giant upside if the corporate’s worth recovers. Many early startups provide inventory choices at steep reductions.
The transfer could possibly be seen as an try to stem an exodus of expertise. Throughout his stewardship, Musk has laid off 1000’s of staff in a collection of job cuts that then led to mass resignations, as employees fled rising uncertainty concerning the firm’s course.
Musk carried out massive adjustments in content material moderation which have scared off some advertisers and eroded worth, nonetheless.
The corporate additionally started removing legacy verified marks that had beforehand helped customers affirm authenticity of statements made by public figures and information organizations.
The Wall Avenue Journal earlier reported that Twitter was providing new fairness grants to employees that will begin to vest after six months.