Twitter CEO Parag Agrawal (left) feuds with Elon Musk over Tesla CEO’s proposed $44 billion takeover. Kevin Dietsch/Getty Images, Andrew Kelly/Portal
Twitter CFO Ned Segal warned employees on Friday that their bonuses could be half the maximum, according to The NYT.
Segal said the company’s bonus pool is 50% of what it could be if financial targets were met, according to The NYT.
Twitter employees’ bonuses are tied to the company’s financial performance, which has declined recently.
Twitter told employees Friday they were on track to receive half their typical annual bonuses due to the company’s financial challenges, the New York Times reported.
In an email to employees, Twitter’s CFO Ned Segal said the social media company’s bonus pool is currently at 50% of what it could be if financial targets were met, The NYT reported citing to two employees who received the email.
Twitter didn’t immediately respond to Insider’s request for comment. The NYT said a Twitter spokesman confirmed the email’s accuracy and declined to comment further.
Twitter’s bonus warning comes as it seeks to force Tesla and SpaceX CEO Elon Musk to complete its proposed $44 billion acquisition of the social media group — something Twitter reported in its earnings report for the second quarter as an adverse impact on its finances.
Twitter, Meta, Alphabet, and other platforms that rely at least partially on digital advertising for their revenue are struggling with an ad market downturn amid recession fears.
Twitter employees receive annual bonuses based on the company’s financial performance, which could improve before finally being paid out.
Twitter and Musk are at odds over their proposed $44 billion deal, which has culminated in a heated legal battle between the parties. Musk argues that Twitter will not provide him with the necessary details about the volume of spam bots on its platform.
In its second-quarter earnings report, released July 22, Twitter said that “uncertainty” about Musk’s proposed acquisition of the company, as well as advertising industry headwinds, contributed to its first quarterly revenue decline since 2020. Twitter reported a net loss for the second quarter of $270 million compared to a net income of $66 million in the same quarter of 2021.
Insider’s Lara O’Reilly exclusively reported Friday that dozens of Google’s outside recruiters have just lost their jobs due to the hiring freeze.
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