Twitter CFO Ned Segal warned employees Friday that their bonuses could be half the maximum, according to The NYT.
Segal said the company’s bonus pool was at 50% of where it could be if financial targets are met, according to The NYT.
Twitter employee bonuses are linked to the company’s financial performance, which has declined in recent times.
Twitter told employees Friday that they are on track to get half of their typical annual bonuses due to the company’s financial challenges, The New York Times reported.
In an email to staff, Twitter CFO Ned Segal said the social media company’s bonus pool is currently at 50% of what it could be if financial targets were met, The NYT reported, citing two employees who have received the email.
Twitter did not immediately respond to Insider’s request for comment. The NYT said a Twitter spokesperson confirmed the truth of the email and declined to comment further.
Twitter’s warning about bonuses comes as it tries to force Tesla and SpaceX CEO Elon Musk to complete its proposed $44 billion acquisition of the social media group — something Twitter highlighted in its second-quarter earnings report as adversely affecting its earnings. finances.
Twitter, Meta, Alphabet and other platforms that rely at least in part on digital advertising for revenue are grappling with a downturn in the advertising market amid fears of a recession.
Twitter employees receive annual bonuses based on the company’s financial performance, which can improve before finally being paid out.
Twitter and Musk disagree over their proposed $44 billion deal, which has sparked a fierce legal battle between the parties. Musk states that Twitter will not give him the necessary details about the amount of spam bots on his platform.
In its second-quarter earnings report, published July 22, Twitter said “uncertainty” over Musk’s proposed acquisition of the company, as well as headwinds in the ad industry, contributed to its first-quarter revenue decline since 2020. Twitter reported a net loss in the year. second quarter. of $270 million compared to net income of $66 million in the same quarter in 2021.
Insider’s Lara O’Reilly reported Friday exclusively that dozens of Google’s outside recruiters just lost their jobs during the hiring freeze.
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