Twitter CEO Parag Agrawal (left) is at odds with Elon Musk over the Tesla CEO’s proposed $44 billion takeover.Kevin Dietsch/Getty Images, Andrew Kelly/Reuters
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 fund was at 50 percent of what it could be if financial goals were met, according to The NYT.
Twitter’s employee bonuses are tied to the company’s financial performance, which has declined recently.
Twitter told employees on Friday that they are about to get half of their regular annual bonuses because of the company’s financial challenges. The New York Times reported.
In an email to staff, Twitter CFO Ned Segal said the social media company’s bonus fund was currently at 50 percent of what it could be if financial goals were met, The NYT, citing two employees who received the email as sources.
Twitter did not immediately respond to Insider’s request for comment. The NYT said a Twitter spokesperson confirmed the authenticity of the email and declined to comment further.
Twitter’s notice of bonuses comes as it does try to force Tesla and SpaceX CEO Elon Musk to complete his proposed $44 billion takeover of the social media group, which Twitter highlighted in its second-quarter earnings report as having had a detrimental impact on your finances.
Twitter, Meta, Alphabet and other platforms that rely at least in part on digital advertising for revenue are struggling with one decline in the advertising market amid fears of recession.
Twitter employees receive annual bonuses based on the company’s financial performance, which could improve before they are finally paid.
Twitter and Musk are to disputes over its proposed $44 billion settlement, which has culminated in a contentious legal battle between the parties. Musk argues that Twitter will not provide him with the necessary details about volume of spam bots on your platform.
In its second quarter earnings report, published on July 22Twitter said “uncertainty” over Musk’s proposed takeover of the company, as well as advertising industry headwinds, contributed to its first quarterly revenue decline since 2020. Twitter reported a second quarter net loss of $270 million compared to net income of $66 million. in the same quarter of 2021.
Insider’s Lara O’Reilly exclusively reported on Friday that dozens of Google’s external recruiters just lost their jobs amid its hiring freeze.
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