Twitter: Twitter employees’ annual bonus could be halved this year. Citing economic challenges, the company has told its employees that this year their bonus will be cut by 50 percent. Parag Agarwal-led Twitter has warned employees that they have been set to get only half of their annual bonus as the economic slowdown deepens.
The company emailed its employees
As reported by The New York Times, Twitter’s chief financial officer Ned Segal told employees that global market conditions will affect the annual bonuses they receive, adding that “the bonus pool is currently 50 percent if the company meets its financial goals.” But it can happen. In an email to Twitter employees on Friday, Ned Segal said the annual bonus figure could fluctuate further depending on Twitter’s upcoming earnings. The company employs more than 7,500 people globally.
Tough times for Twitter
Last month, Twitter fired 30 percent of its employees from its talent acquisition team. Twitter previously halted most recruitment and backfill, except for business important roles assigned by ‘staff’ members. The micro-blogging platform is currently embroiled in a legal battle with Musk after he ended a $44 billion takeover deal over the actual number of bots on the platform. The legal battle will begin in the US Delaware Court of Chancery for five days from October 17.
Twitter’s legal dispute with Elon Musk
The tech billionaire has also filed a countersuit against Twitter as part of an ongoing legal dispute, challenging CEO Agarwal to a public debate on fake accounts and spam. Twitter said in July that it reported a net loss of $270 million in the second quarter, mainly due to uncertainty related to a pending acquisition by Musk, which adversely affected its advertising business.
Year-on-year decline in revenue
The company said its second-quarter revenue totaled $1.18 billion, a decrease of 1 percent year-over-year, due to “macro-environmentally linked advertising industry headwinds as well as the pending acquisition of Twitter by an associate of Musk.” Refers to uncertainty related to.’