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Woke Twitter staff warned bonuses will be HALF what they expected as firm suffers huge loss

Sorry you crossed Elon now? Woke Twitter staff are warned upcoming bonuses will be HALF what they expected, as firm suffers huge loss and battles Musk over his aborted $44 billion acquisition deal

  • Twitter CFO Ned Segal despatched an e mail on Friday telling staff that bonuses would be half what they expected
  • The company has suffered main monetary setbacks within the second quarter of 2022, shedding $270 million
  • The social media platformed blamed a skittish promoting trade that had not spent money as a result of financial turmoil attributable to the battle in Ukraine
  • Tech billionaire Elon Musk’s resolution to tug out of a $44 billion bid for the company has despatched the stock worth plummeting practically 30%

Woke Twitter staffers have been advised Friday that their upcoming bonus checks could be half what they expected as a result of a punishing second quarter and the pricey battle with Elon Musk over his aborted $44 billion takeover bid.

Company CFO Ned Segal despatched an e mail to the businesses 7,500 staffers letting them know that the bonus pool has been drained as a result of a $270 million web loss within the spring.

The company blamed a skittish promoting trade, which accounts for a lot of the platform’s income, that has been hesitant to spend advert {dollars} due to the financial uncertainty attributable to the battle in Ukraine.

Many of its famously woke employees additionally crossed swords with Musk over his try and buy the firm for $54.20-a-share earlier this year. 

Musk is now making an attempt to again out of the deal, and Twitter shares are value simply $43.99 every, which means the various staff with stock choices are far worse off than they would have been had the Tesla tycoon taken over. 

Twitter CFO Ned Segal advised staffers that the bonuses this year may be half of what they expected

Twitter lost $270 million in the second quarter of 2022 because of weak ad sales and the aborted takeover bid by Elon Musk

Twitter lost $270 million within the second quarter of 2022 due to weak advert gross sales and the aborted takeover bid by Elon Musk

Elon Musk offered to buy the company for $54.20 a share, a 38 percent increase over the stock price at the time

Elon Musk provided to purchase the company for $54.20 a share, a 38 p.c enhance over the stock worth on the time

Musk’s flirtation with buying the company in April did not assist the company’s backside line. 

The aerospace and digital automobile pioneer created inside turmoil and despatched stock costs on a curler coaster experience when he agreed to buy the company for $54.20 a share, a 38% enhance from the place the stock stood on the time.

At the time, Musk slammed the social media platform’s woke tradition and criticized its coverage of suppressing speech. 

Twitter's stock price sank nearly 30 percent since last year due to the aborted takeover bid by Musk and the anemic ad buys on the platform

Twitter’s stock worth sank practically 30 p.c since final year as a result of aborted takeover bid by Musk and the anemic advert buys on the platform 

Then, in July, he pulled out of the deal, tweeting out a poop emoji and complaining about bots and pretend accounts on the platform.

Twitter has sued Musk to attempt to drive him to undergo with the promote, and the case will be heard by a Delaware court docket in October.  

In their second quarter assertion, Twitter chalked up its monetary hassle to ‘promoting trade headwinds related to the macroenvironment as nicely as uncertainty associated to the pending acquisition of Twitter by an affiliate of Elon Musk.’

The company sued Musk in federal court docket, claiming breach of contract, saying he signed a binding contract to purchase the company for the premium share worth.

Since Musk deserted the supply, the stock worth has dipped practically 30 p.c since final year.

Twitter staff had categorical resistance to the tech billionaire’s takeover after he promised to loosen the foundations on what will get censored on the platform.

The billionaire blasted the ‘excessive antibody response’ from ‘those that concern free speech’ and stated it ‘says all of it’ as he launched his first public backlash in opposition to the employees.

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