Monthly Archives: March 2023

Twitter employees might have left the office Friday feeling particularly demoralized. Last month, after yet another round of layoffs, CEO Elon Musk indicated hed share information about very significant stock and other compensation awards, based on performance on March 24.

Employees received no such information by the end of the workday. People are not happy, to say the least, tweeted Platformer journalist Zo Schiffer, who tracks the company closely.

But late last night, Musk apparently sent an email to employees with some of the much-anticipated details. Schiffer and the Wall Street Journal reported they obtained the message.

Fortune reached out to Twitter for comments but received no immediate reply, at least not from any humans. (The company no longer has a media communications team.)

In the email, Musk acknowledged the radical changes at Twitter since his $44 billion takeover in October, but said they were needed because the company had been close to running out of money, according to Schiffer.Now, financial incentives for workers should align with the company, which will do periodic liquidity events, he reportedly wrote.

Twitter is offering employees new equity grants that will start to vest after six months, according to the Journal, and in about a year it will offer a liquidity event in which they can cash out some of that equity.

The new grants will vest over four years, according to the Journal, and will be separate from legacy equity converted to cash when Musk took over.

The grants reflect a roughly $20 billion valuation, about 55% below the price Musk paid for the company, according to The Information.

Musk took Twitter private after buying it. In its last full year as a public firm, it had more than 7,500 employees and spent nearly $630 million on stock-based compensation, according to the Journal. As of December, the company had about 2,000 workers, following one round of layoffs after another and drastic cost-cutting measures.

Earlier this week, Musk sent employees an email at 2:30 a.m. saying the office is not optional, complaining about the San Francisco office being half empty. Musk has been a fierce critic of remote work, suggesting remote employees only pretend to work.

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Elon Musk tells employees to get back in office with 2:30 am memo

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JPMorgan global market strategist Jack Manley and The Fitz-Gerald Group principal Keith Fitz-Gerald discuss Tesla's investor day and if now is the time for investors to get off the sidelines on 'The Claman Countdown.'

Twitter CEO Elon Musk reportedly sent a notice to staff early Wednesday morning to remind them that working from home is not acceptable.

According to Platformer managing editor Zo Schiffer, Musk emailed employees at 2:30 in the morning, writing that "office is not optional." In the email, he complained that half of the San Francisco headquarters was empty the day before.

Musk is not a fan of remote work. Back in November, he ended Twitter's work-from-home accommodations, telling employees within driving distance of the office that they needed to show up in person or consider their "resignation accepted."

Last summer, he sent a similar note to his employees at Tesla, telling employees they were required to spend a minimum of 40 hours in the office per week. "Remote work is no longer acceptable," was the subject line of that email.

ELON MUSK SAYS TWITTER WILL OPEN SOURCE THE CODE IT USES TO RECOMMEND TWEETS

This video grab taken from a video posted on the Twitter account of billionaire Tesla chief Elon Musk on Oct. 26, 2022, shows himself carrying a sink as he enters the Twitter headquarters in San Francisco. (Twitter account of Elon Musk/AFP via Getty Images / Getty Images)

Since his $44 billion acquisition of the social media platform, Musk has shown no qualms about showing the door to Twitter employees who aren't down with his vision. He's ordered several rounds of layoffs, both as a cost-cutting measure and as a means of excising those who don't agree with the direction he's taking the company.

Twitter is no longer responding to requests for comment from the press. The press@twitter.com email address automatically responds to journalists with a poop emoji.

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A view of Twitter Headquarters in San Francisco, Feb. 8, 2023. (Tayfun Coskun/Anadolu Agency via Getty Images / Getty Images)

As the COVID-19 pandemic era comes to an end, more businesses are having their remote workers return to the office.

A Labor Department report released this week found that 72.5% of business establishments said their employees teleworked rarely or not at all last year, the Wall Street Journal reported. That figure was an increase from 60.1% in 2021. The survey showed about 21 million more workers on-site full time in 2022 compared to the year before.

US FIGHTING A REMOTE WORK TUG OF WAR AS EMPLOYEES LOOK FOR COMPROMISE,' EXPERT SAYS

In this photo illustration, the Elon Musk Twitter account seen displayed on a smartphone and Twitter logo in the background. (Rafael Henrique/SOPA Images/LightRocket via Getty Images / Getty Images)

The share of businesses with some, but not all employees teleworking was 16.4% in 2022, a decrease from 29.8% the year prior, according to the Labor Department.

The paper noted that several large companies are pushing their employees to show up in-person at the office more often. Those include the Walt Disney Co., which requires employees to come into work for four days a week, Starbucks Corp., and Facebook parent company Meta Platforms Inc.

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"Our hypothesis is that it is still easier to build trust in person and that those relationships help us work more effectively," Meta CEO Mark Zuckerberg wrote in a letter to employees earlier this month.

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Elon Musk tells employees to get back in office with 2:30 am memo

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