Twitter CEO Elon Musk has news for those still working at the company. CARINA JOHANSEN – NTB/AFP via Getty Images
Twitter employees may have left the office on Friday particularly demoralized. Last month, after another round of layoffs, CEO Elon Musk announced he would resign on March 24.
Employees did not receive such information until the end of the working day. “People aren’t happy, to say the least,” tweeted platformer journalist Zoë Schiffer, who follows the company closely.
But last night Musk apparently sent an email to staff with some of the much-anticipated details. Schiffer and the Wall Street Journal reported that they received the news.
Fortune reached out to Twitter for comments, but didn’t get an immediate response, at least not from humans. (The company no longer has a media communications team.)
In the email, Musk acknowledged the radical changes to Twitter since its $44 billion acquisition in October, but said they were necessary because the company was nearly out of cash. accordingly skipper. Now, financial incentives for workers should match the company, which will conduct regular liquidity events, he reportedly wrote.
Twitter is offering employees new stock grants that vest after six months, according to the Journal, and in about a year it will offer a liquidity event where they can cash out some of that equity.
The new grants will vest over a four-year period, according to the Journal, and will be separate from legacy capital that was converted to cash when Musk acquired it.
Musk took Twitter private after the purchase. In its most recent full year as a public company, it employed more than 7,500 people and spent nearly $630 million on stock-based compensation, according to the Journal. In December, the company had around 2,000 employees, after round after round of layoffs and drastic cost-cutting measures.
Earlier this week, Musk emailed his employees at 2:30 a.m., saying the “office isn’t optional” and complaining that the San Francisco office was half-empty. Musk has been a harsh critic of remote work, suggesting that remote workers are just “pretending to work.”