Due to economic uncertainty, Twitter announced Friday that a half of employees’ usual annual bonuses may be withheld.
Since 2020 revenue declined for the first time, and the company swung to a net loss, employees might only receive half of their typical annual bonuses, the New York times reports.
Twitter CFO Ned Segal told staff that the social media company’s bonus pool is only 50% of what it could be if financial targets were met, The New York Times reported, citing two employees as sources.
Twitter employees may only receive half of their annual bonuses
Twitter didn’t immediately respond to Insider’s inquiry. Several Twitter spokespersons confirmed the email’s legitimacy, but declined to comment further.
A downturn in the ad market amid fears of recession is affecting companies like Twitter, Meta, Alphabet, and others that rely on digital advertising for revenue.
Annual bonuses at Twitter are based on the company’s financial performance, which could improve before they are paid.
Twitter and Musk are at odds over their proposed $44 billion deal, which has escalated into a fractious legal battle. According to Musk, Twitter won’t disclose information about spam bots on its platform.
The company’s second-quarter earnings report, published July 22, attributed its first quarterly revenue decline since 2020 to Musk’s proposed acquisition and advertising industry headwinds. Twitter reported a net loss of $270 million in its second quarter compared with a profit of $66 million in the same quarter last year.
Google’s hiring freeze just led to the loss of dozens of external recruiters, Insider’s Lara O’Reilly exclusively reported Friday.
You May Like to Read this :
- Microsoft 365 accounts are hacked by Russian hackers using Azure services
- The Interior Of The 2022 Ford F-150 Lightning