Image: Richard Drew/The Associated Press
Elon Musk told Twitter employees that they can receive shares and options under an “ongoing compensation plan” similar to SpaceX. This opportunity will be provided only for “exceptional performance.”
New Twitter owner Elon Musk told employees on Monday that they can continue to receive stock and options under the “ongoing compensation plan” despite the company being now private, according to an internal memo seen by CNBC.
Musk said the stock plan would be similar to that of his other private company, SpaceX. SpaceX conducts secondary offerings regularly as a way for long-time stockholders to sell equity, even though the company has remained private for more than 20 years since its founding. SpaceX employees are awarded shares twice a year, on May 15 and November 15.
Musk said that “exceptional amounts” of stock would be made available to Twitter employees as a reward for “exceptional performance.”
“Even though Twitter is now a private company we will absolutely continue to provide stock and options as part of our ongoing compensation plan.
The stock plan will be much like that of SpaceX, which has been very successful. As with SpaceX, exceptional amounts of stock will be awarded for exceptional performance.
© 2022, Eva Fox | Tesmanian. All rights reserved.
We appreciate your readership! Please share your thoughts in the comment section below.
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.