Elon Musk announces stock awards to Twitter employees at $20 billion valuation: Report
Elon Musk
Twitter CEO Elon Musk has reportedly offered stock awards to his employees based on a rough valuation of $20 billion, which is less than half of the $44 billion price he bought the company last year.
The Wall Street Journal (WSJ) newspaper reported that Musk sent an e-mail to his staff where he was optimistic about the social-media company’s future.
“I see a clear, but difficult, path to a >$250B valuation,” meaning stock granted now would be worth 10 times more, he said, according to the newspaper.
In a separate email late Friday, Twitter told employees that it is offering new equity grants to staff that will start to vest after six months.
The stock-based compensation is a popular practice adopted by tech companies in US to attract talent. Employees are rewarded with stock options that will vest, or become available for purchase, at a later date.
Musk, in his note, pointed out that radical changes are being made so rapidly that the company “can be thought of as an inverse startup.” He added that these changes are necessary in part to ensure that the social media company didn’t go bankrupt.
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According to the report, the new grants will vest over four years, and will be in addition to and separate from any legacy Twitter equity that was converted to cash at the time of the acquisition in October 2022.
Twitter is yet to make an official announcement in this regard. When WSJ sought a response, Twitter’s press email responded with a poop emoji—which is the company’s auto-response for media inquires, as mandated by Musk.
When Musk took over Twitter last year, several questions were raised on how Twitter would handle compensation going forward as a private company.
At that time, the company, in a regulatory filing, said that employees’ stock grants would be converted into the right to receive cash for $54.20 a share, the acquisition price.
In February, the tech billionaire told staff in an email that Twitter would make “very significant stock and other compensation awards, based on performance.”He said that the employees would get more information on March 24.
(With inputs from agencies)
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