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Elon Musk lays off more Twitter employees, promises stock awards for the rest

Published Feb 27th, 2023 2:08PM EST
Twitter owner Elon Musk
Image: STR/NurPhoto via Getty Images

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Twitter has undergone another round of layoffs after Elon Musk said he was done with them.

After Twitter went through major layoffs last year, which shrunk the size of full-time and contract employees by estimates up to 70%, CEO Elon Musk said that the company would be moving forward with the rest of the staff left at the end of November 2022. That appears not to have been the case.

As reported by Zoë Schiffer from Platformer, the company went through another round of layoffs over the weekend. According to reporting, Elon Musk has laid off Esther Crawford, Twitter’s head of product, and most of the product team. The remaining employees are anticipating a new “regime” to drive the product side of the business forward.

So, what is the company doing to entice the remaining employees to stay after layoffs continue? Stock awards! As reported by The Verge, Elon Musk sent an internal memo to employees on Monday not only confirming the most recent layoffs but also announcing “very significant” stock awards for the remaining staff. According to the memo, the stock award amounts will be based on performance and will be granted on March 24th.

“This past week, we completed a difficult organizational overhaul focused on improving future execution, using as much feedback as we could gather from the entire company. Those who remain are highly regarded by those around them.”

The news comes amid a tidal wave of other changes that the company has either already made or announced. In the last couple of weeks, it was revealed that Twitter plans to start making SMS verification a Twitter Blue feature and the company delayed the launch of its new paid API program.

Elon Musk has also said that he does plan to step down from the CEO role by the end of the year.

Joe Wituschek Tech News Contributor

Joe Wituschek is a Tech News Contributor for BGR.

With expertise in tech that spans over 10 years, Joe covers the technology industry's breaking news, opinion pieces and reviews.

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