Twitter says employees might only get half their annual bonus: report
Twitter relies on revenue from advertisers which are concerned about the impact of the war in Ukraine as well as Musk's purchase
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FOX Business senior correspondent Charlie Gasparino has the latest on the billionaire's countersuit on 'The Claman Countdown.'
Twitter says the company is dealing with economic uncertainty and that might impact employee bonuses.
Employees were told on Friday that they might receive only half of their typical annual bonuses, according to The New York Times.
In the company's most recent quarterly earnings report, revenue declined for the first time since 2020 and the company swung to a net loss.
Twitter is involved in a legal battle to get Elon Musk to complete his $44 billion purchase of the company.
The logo for Twitter is displayed on a screen on the floor of the New York Stock Exchange. (REUTERS/Brendan McDermid / Reuters)
Advertisers seem to be taking a wait-and-see stand due to uncertainty about Musk's acquisition and the impact on the company's futures.
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Advertising generates most of Twitter’s revenue which has also been impacted by economic fears over the war in Ukraine.
In this photo illustration, Tesla CEO Elon Musk is pictured with a Twitter logo on a smartphone screen. (Photo Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images / Getty Images)
Musk agreed to buy Twitter in April and has been trying to get out of the deal since July.
Twitter wants to force the purchase.
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The case heads to court in October.
A sign is pictured outside the Twitter headquarters in San Francisco. (AP Photo/Jed Jacobsohn / AP Newsroom)
In the email to employees, Ned Segal, Twitter’s chief financial officer, said these challenges would probably affect the annual bonuses that they receive, with the bonus pool currently at 50 percent of what it could be if the company met its financial targets, according to two employees who received the message.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | n.a. | n.a. | n.a. | n.a. |
| TSLA | TESLA INC. | 157.11 | -4.37 | -2.71% |
The company ties its annual bonuses to its performance against revenue and profitability goals.
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A Twitter spokesman confirmed the accuracy of the email and declined further comment.