Elon Musk To Dole Out Twitter 'Performance Rewards' — But How Many Workers Are Left to Get One?

Days after firing at least 200 Twitter employees, including the ‘sleeping bag lady,' Elon Musk now appears to be encouraging remaining Twitter staff members with "very significant" stock awards. 

What Happened: Musk emailed remaining Twitter employees on Monday morning saying that those still working at the company would receive "very significant" performance-based stock awards on March 24, reported The Verge citing an internal memo. 

See Also: Would You Work For Elon Musk At Twitter? 69% Of Benzinga Followers Say…

The "Performance Awards" memo is Twitter CEO's first official communication to employees since the latest firing spree that includes senior loyalists and almost the entire product team. 

"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," the memo read. 

Why It's Important: When Musk acquired Twitter in October 2022 for $44 billion, the total headcount at the company was roughly 7,500, the report noted. 

He later sacked almost 50% of the company's workforce globally and defended the decision by saying, "there is no choice when the company is losing over $4M/day."

Soon after, Musk gave employees an ultimatum about Twitter 2.0 and demanded employees be "extremely hardcore." 

As a result, hundreds of people chose to exit the company instead of agreeing to work "long hours at high intensity." 

All these events and the latest round of layoffs have brought Twitter's total headcount to less than 2,000. 

Check out more of Benzinga's Consumer Tech coverage by following this link.

Read Next: Edward Snowden Blasts Elon Musk Over Twitter Lockout Of Wife's Account

Market News and Data brought to you by Benzinga APIs
Posted In: NewsSocial MediaTechMediaConsumer TechElon Musktwitter
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!