Twitter Staff Worried About $100 Million in Stock Payouts
Twitter staff have stock payouts worth more than $100 million that vest on Tuesday — if they get them.
With Elon Musk closing his $44 billion acquisition of the company Thursday; axing Twitter CEO Parag Agrawal and three other top execs straightaway Friday; and having previously said he would slash 75% of the staff (and later walking that back); Twitter employees have good reason to be worried about their jobs — and, even more imperatively, millions in stock equity .
New York Times Dealbook reports that Musk has already brought in Tesla engineers to meet with Twitter product managers .
The angst Twitter ’s 7,500 employees have is that Musk, also CEO of Tesla and SpaceX, will not only fire them, but will rush to can them before their stock equity is due. Some are still holding out hope that if they do lose their jobs, Musk will be a good corporate citizen and still give them their stock money.
Twitter froze employees’ stock accounts just ahead of the deal, in anticipation of the deal closing.
If Musk races to fire employees with stock options prior to the Nov. 1 vesting date, it is possible they could sue the billionaire, Dealbook says. Corporate governance experts might even challenge Musk’s integration of Tesla workers, on the basis of using resources of a public company, Dealbook adds.
Over the past six months, as Musk’s purchase of Twitter has played out in the public sphere, Twitter employees have reportedly departed en masse.
Musk was scheduled to hold a town hall with Twitter employees on Friday.
Twitter staff have stock payouts worth more than $100 million that vest on Tuesday — if they get them.
With Elon Musk closing his $44 billion acquisition of the company Thursday; axing Twitter CEO Parag Agrawal and three other top execs straightaway Friday; and having previously said he would slash 75% of the staff (and later walking that back); Twitter employees have good reason to be worried about their jobs — and, even more imperatively, millions in stock equity.
Over the past six months, as Musk’s purchase of Twitter has played out in the public sphere, Twitter employees have reportedly departed en masse.
