Elon Musk, owner of X, the social-media platform, has asked his employees to write a one-page summary of their contributions to X (formerly Twitter). Based on their summary, they will be allotted stock options.
As reported by The Verge, the exercise will help Musk gauge how much impact each employee has had on the company and whether they deserve stock options.
As if the delays in promotions and fear of layoff weren’t enough, the employees are now tense about this latest demand from Musk. The equity refresher that the X staff were supposed to receive over four months ago, has yet not been granted to them. Musk had reportedly promised that the staff would be allowed to cash out stock regularly, but it appears that he has not kept his word.
It has been a year since the last stock refresh in October 2023, which valued X at $19 billion. This is way lower than the $44 billion deal that Elon Musk struck to buy the social-media company.
The deal and acquisition had grabbed headlines in 2022, as post takeover Musk had terminated almost 50 per cent of the workforce. He had also stated very clearly that only those who were ready to work really hard and be prepared to put in long hours should think of staying on at the company.
