Earlier this year, Twitter warned employees that their bonuses could be half of what they were originally expected. This is the company's latest economic tightening sign amid the pending Elon Musk buybacks and downward pressure from the economy.
According to CNN Business, Twitter's bonus is now down to 50% of the previous target, based on the company's financial resources.
Splitter pointed out significant challenges to their business since the prize plan was approved in January 2022, including the impact of an economic recession and a difficult deal with CEO Telsa this year.
According to the New York Times, Twitter CFO Ned Segal emailed the staff about the information.
Twitter has sued Elon Musk in an effort to force him to respect its $44 billion merger deal, after Tesla's CEO said he wanted to withdraw from the deal.
Elon Musk and his legal team have accused Twitter of incorrectly reporting the number of fake bot and spam accounts on its platform. On Twitter's side, they said Musk is using the bot as an excuse to try to "escape" the deal after the market's downturn.
Therefore, a 5-day trial will take place in October 2022. Like other social media companies, Twitter is also facing a decline in advertising sales as advertisers cut their budgets amid concerns about an economic downturn. Last month, Twitter reported quarterly revenue of $1.18 billion, down 1% year-on-year.
Previously, Twitter announced that it would lay off part of its recruitment team and suspend most of the recruitment as it sought to cut costs. Several other technology companies have also cut staff and frozen recruitment in recent months.
