San Francisco, Aug 20 : Parag Agrawal’s Twitter has informed employees that they’re likely to only receive the half of their bonuses for the year as the economic crisis is getting more severe.Twitter’s chief financial officer Ned Segal told employees that the global market environment would impact the amount of annual bonuses that they get, with the “bonus pool currently at 50% of what it could be in the event that Twitter met its financial goals,” reports The New York Times.
The annual bonus amount could increase or decrease depending on the future earnings of Twitter according to Segal who sent an email for Twitter employees on Friday.
More than 7,500 employees across the globe.
In the last month, Twitter laid off 30 percent of its employees of the team responsible for recruiting talent.
Twitter previously halted all hiring and backfills, with the exception for critical roles in business as determined by the ‘Staff’ members.
The micro-blogging platform is involved in an ongoing legal dispute with Musk because he ended the deal for a $44 billion takeover regarding the number of bots that are on the platform.
The legal fight will start in the Delaware Court of Chancery in the US from the 17th of October for five days.
The tech billionaire also filed an action lawsuit against Twitter in the context of the legal battle which has called on CEO Agrawal to hold an open discussion on false accounts and spam.
Twitter stated in July that it suffered a an net loss of $270 million in the second quarter (Q2) in large part due to uncertainty regarding the imminent acquisition by Musk which adversely affected its advertising operations.
The company reported that its Q2 revenues totalled $1.18 billion, a drop of 1 percent over the previous year, “reflecting advertising industry headwinds that are associated with the macro-environment and uncertainties related to the planned acquisition of Twitter by an affiliate of Musk”.
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