Twitter cuts employee bonus in half as global economic crisis deepens

Twitter, led by Parag Agrawal, warned employees that they would only receive half of their annual bonuses as the economic crisis worsened. Also Read – Elon Musk Seeks Twitter Dirt Through Ad Tech Firms

Twitter chief financial officer Ned Segal told employees that global market conditions will affect the annual bonuses they receive, with “the bonus pool currently at 50% of what it could be if the company reached financial goals,” reports the New York Times. Also Read – Microsoft Lays Off Customer-Focused R&D Project Employees: Report

The annual bonus figure could still fluctuate throughout the year depending on Twitter’s upcoming revenue, according to Segal who wrote an email to Twitter employees on Friday. Also Read – Elon Musk Invites Parag Agrawal to Public Debate, Sets Conditions on Twitter Deal: Check Details

The company employs more than 7,500 people worldwide.

Last month, Twitter laid off 30% of employees from its talent acquisition team.

Twitter previously suspended most hiring and replacements, except for business-critical roles as determined by “staff” members.

The microblogging platform is currently embroiled in a legal battle with Musk after it ended the $44 billion takeover deal over the actual number of bots on the platform.

The legal battle will begin in the Delaware Court of Chancery in the United States from October 17 for five days.

The tech billionaire has also filed a countersuit against Twitter in the ongoing legal dispute, challenging CEO Agrawal to have a public debate about fake accounts and spam.

Twitter said in July it suffered a net loss of $270 million in the second quarter (Q2), largely due to uncertainty over Musk’s pending acquisition that hurt its advertising business.

The company said second-quarter revenue was $1.18 billion, down 1% year-over-year, “reflecting industry headwinds from publicity associated with the macro-environment as well as the uncertainty related to the impending acquisition of Twitter by a subsidiary of Musk”. ”.

—IANS





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