According to the outlet, the last inventory refresh for X employees was in October 2023.
Billionaire Elon Musk has reportedly announced that employees at his social media company X (formerly Twitter) will receive stock options based on their contributions. In an email sent to staff, The EdgeMr. Musk told employees that the company would reward stock options based on employee impact and that employees would have to submit a one-page summary of their contributions to X to receive them. Notably, this decision has reportedly caused further tension among employees following recently reported delays in promotions and concerns about layoffs.
Cite sources, The Edge also reported that X employees were still waiting for their annual stock refresher, which was expected in April. The billionaire had assured X employees that they would be able to redeem stock regularly, similar to SpaceX employees, according to two employees. However, he has not yet followed through.
The last stock renewal for X employees was in October 2023, valuing the company at $19 billion — significantly less than the $44 billion Musk paid for it. Employees reportedly received RSUs at a stock price of $45 during this renewal, the outlet said.
Elon Musk acquired Twitter in October 2022 in a $44 billion deal. He laid off nearly half of the company’s employees shortly after taking over and sent a harsh ultimatum to the remaining staff.
Earlier this month, this controversial ultimatum to employees also resulted in a legal victory for a former X employee. An Irish court ordered the microblogging platform to pay over $602,640 (roughly Rs 5 crore) to Gary Rooney, who was fired in December 2022 after Musk took over the company. Rooney held a senior procurement role at the time of his firing. He had been with X since September 2013.
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Ireland’s Workplace Relations Commission ruled that Mr Rooney had been unfairly dismissed in 2022 and ordered X to pay him a huge sum – the largest sum the agency has ever awarded. The commission heard that X maintained the employee had left voluntarily after failing to tick a box committing to new, unspecified working arrangements in an email from the company’s new owner, Elon Musk.
However, the Irish Workplace Relations Commission refused to accept this argument, ruling that not clicking “yes” in response to the email did not amount to dismissal. “It is not OK for Mr Musk, or indeed any large company, to treat employees in this way in this country or jurisdiction. The record ruling reflects the seriousness and gravity of the matter,” said the complainant’s lawyer, Barry Kenny.