I’m sorry you crossed Elon now? Woke Twitter staff are being warned that upcoming bonuses will be HALF their expectations as the company suffers huge losses and Musk struggles over his aborted $44 billion acquisition deal
- Twitter’s CFO Ned Segal sent an email on Friday telling employees the bonuses would be half what they expected
- The company suffered major financial setbacks in the second quarter of 2022, losing $270 million
- The social media platform blamed a fickle advertising industry that hadn’t spent money because of the economic turmoil caused by the war in Ukraine
- Tech billionaire Elon Musk’s decision to pull out of a $44 billion bid for the company has seen its share price plummet nearly 30%
Wake Twitter staff were told Friday their upcoming bonus checks could potentially be half what they expected due to a tough second quarter and a costly battle with Elon Musk over its aborted $44 billion takeover bid.
The company’s CFO, Ned Segal, emailed the company’s 7,500 employees telling them that the bonus pool had been depleted due to a net loss of $270 million in the spring.
The company blamed a nervous advertising industry, which accounts for much of the platform’s revenue, which has been reluctant to spend ad dollars due to economic uncertainty caused by the war in Ukraine.
Ned Segal, Twitter’s CFO, told employees that bonuses this year could be half what was expected
Twitter lost $270 million in the second quarter of 2022 due to weak ad sales and Elon Musk’s aborted takeover bid
Elon Musk offered to buy the company for $54.20 per share, up 38 percent from the share price at the time
Musk’s flirtation with buying the company in April didn’t contribute to the company’s bottom line.
The aerospace and electric car pioneer caused internal turmoil and sent share prices on a rollercoaster ride when he agreed to buy the company for $54.20 per share, a 38% increase from where it was at the time corresponds to the share.
At the time, Musk criticized the social media platform’s waking culture and slammed its language suppression policies.
Twitter’s share price has fallen nearly 30 percent since last year due to Musk’s aborted takeover bid and sluggish ad buying on the platform
Then, in July, he pulled out of the deal, tweeting a poop emoji and complaining about bots and fake accounts on the platform.
In its second-quarter statement, Twitter attributed its financial woes to “advertising industry headwinds related to the macro environment, as well as uncertainty surrounding the upcoming acquisition of Twitter by a subsidiary of Elon Musk.”
The company sued Musk in federal court for breach of contract, saying he signed a binding contract to purchase the company at premium stock price.
Since Musk abandoned the offer, the stock price has fallen almost 30 percent since last year.
Twitter officials have had explicit opposition to the tech billionaire’s acquisition after he promised to relax rules on censorship on the platform.
The billionaire has blasted the “extreme antibody response” from “those who fear free speech” and said it “says it all” as he launched his first public backlash against workers.