Twitter cuts worker bonus to half as international financial disaster deepens

Parag Agrawal-led Twitter has warned workers that they’re set to get solely half of their annual bonuses because the financial meltdown will get deeper. Also Read – Elon Musk in search of dust on Twitter through ad-tech companies

Twitter’s chief monetary officer Ned Segal advised workers that international market situations would have an effect on the annual bonuses they obtain, with the “bonus pool currently at 50 per cent of what it could be if the company met its financial targets,” experiences The New York Times. Also Read – Microsoft lays off workers from customer-focused R&D initiatives: Report

The annual bonus determine may fluctuate even additional all year long based mostly on Twitter’s upcoming earnings, in keeping with Segal who wrote an e mail to Twitter workers on Friday. Also Read – Elon Musk invitations Parag Agrawal for public debate, units situation on Twitter deal: Check particulars

The firm employs greater than 7,500 individuals globally.

Last month, Twitter laid off 30 per cent workers from its expertise acquisition crew.

Twitter earlier paused most hiring and backfills, apart from enterprise essential roles as decided by ‘Staff’ members.

The micro-blogging platform is presently embroiled in a authorized battle with Musk after he terminated the $44 billion takeover deal over the precise variety of bots on the platform.

The authorized battle will start on the Delaware Court of Chancery within the US from October 17 for 5 days.

The tech billionaire has additionally filed a countersuit towards Twitter as a part of the continued authorized dispute, difficult CEO Agrawal to have a public debate on pretend accounts and spam.

Twitter mentioned in July that it incurred $270 million web loss within the second quarter (Q2), largely owing to uncertainty associated to the pending acquisition by Musk that adversely hit its promoting enterprise.

The firm mentioned that its Q2 income totalled $1.18 billion, a lower of 1 per cent year-over-year, “reflecting advertising industry headwinds associated with the macro-environment as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Musk”.


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