Twitter warns employees they will receive fewer annual bonuses: report
Microblogging platform Twitter has warned its employees that they may receive only half of their annual bonuses amid economic uncertainty plaguing the company. Twitter is currently embroiled in a legal wrangle to complete a $44 billion sale to Tesla founder Elon Musk. The company, in an email to employees, blamed its financial performance for the decision to cut bonuses, The New York Times reported.
Last month, Twitter reported a decline in revenue for the first time since 2020. The company posted second-quarter revenue of $1.18 billion, down from $1.19 billion a year earlier. , reported Reuters.
In the email sent to employees on Friday, Twitter chief financial officer Ned Segal said financial challenges would affect the annual bonuses they receive, with the bonus currently at 50% of what it could be if the company was meeting its financial targets. Elon Musk offered to buy Twitter earlier this year but backed out saying the social media platform had more “spam bots” and fake accounts than it disclosed. Twitter sued him to force him to complete the acquisition. In a latest development, Twitter has been ordered to hand over files from its former head of consumer products to Musk on the spam and bot accounts the billionaire cited to seek to scrap his takeover deal, Bloomberg reported. . But Twitter was spared from producing documents for the most part. According to Musk, employees are key witnesses on the bot issue.
Musk, whom Twitter sued to get him to make the deal, accused the company this month of withholding the names of workers specifically tasked with assessing the platform’s customer share of spam and bot accounts. He asked the judge to force Twitter to identify them. So far, Twitter has waived the names of “record custodians,” who aren’t as familiar with the data in question.