Twitter employees are set to receive stock-based grants worth about $20 billion, as reported by Wall Street Journal. However, this is not even 50 per cent of what Elon Musk, CEO, Twitter had spent to take over the social-media company in 2022.
Stock grants are a regular feature at Twitter, where staff are provided grants that vest over a period of time. How many employees or who all will receive these grants has not been officially revealed or announced yet.
Musk has conveyed to the employees that though it is not going to be easy, he expects the firm to achieve a valuation of over $250 billion. That means, it is expected that these stocks that are being granted now will increase in value multiple fold.
In a mail sent to employees, the Company has reportedly conveyed that in about a year’s time, employees will be given a chance to encash part of their equity.
Meanwhile, Musk recently reminded Twitter employees that coming to office was no longer an option, but a must. Last year itself, during the acquisition of Twitter, Musk had made his stand on remote working very clear. In fact, he is said to have sent an email in the wee hours of the morning informing that there would be no remote working and that those who did not wish to return to office full time should considering leaving Twitter.
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