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Twitter warns employees they would receive less annual bonus: Report
Last month, Twitter reported a decline in its revenue for the first time since 2020. The company reported second-quarter revenue of $1.18 billion, compared with $1.19 billion a year earlier, Reuters had reported.
Microblogging platform Twitter has warned its employees they might get only half of their annual bonuses amid economic uncertainty plaguing the company.
Twitter is currently involved in a legal feud to complete a $44 billion sale to Tesla founder Elon Musk. The company in an email to the employees blamed its financial performance for the decision to cut bonuses, the New York Times reported.
Last month, Twitter reported a decline in its revenue for the first time since 2020. The company reported second-quarter revenue of $1.18 billion, compared with $1.19 billion a year earlier, Reuters had reported.
In the email to employees on Friday, Twitter's chief financial officer Ned Segal said that the financial challenges would affect the annual bonuses they receive, with the bonus currently at 50 per cent of what it could be if the company met its financial targets.
Elon Musk had offered to buy Twitter earlier this year, but backed out claiming that the social media platform had higher ‘spam bots’ and fake accounts than it had disclosed. Twitter sued him to force to complete the acquisition.
In a latest development Twitter has been ordered to hand over files from its former consumer product head to Musk on spam and bot accounts the billionaire cited in seeking to abandon his buyout deal, Bloomberg reported.
But Twitter was spared from producing documents for most of the employees Musk says are key witnesses on the bots issue.
Musk, whom Twitter sued to make him complete the deal, accused the company this month of hiding the names of workers specifically responsible for evaluating how much of the platform’s customer base is made up of spam and robot accounts. He asked the judge to force Twitter to identify them. So far Twitter has given up the names of “records custodians,” who aren’t as familiar with the data in question.
