50% annual bonus only for employees: Twitter
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San Fransico: Due to the economic meltdown going deeper, Twitter employees will only get half of their annual bonuses, the platform warned.
Also, the chief financial officer of the social networking giant Ned Segal informed employees that global market winds would affect the annual bonuses they receive. The "bonus pool is currently at 50 per cent of what it could be if the company met its financial targets," IANS reported citing The New York Times.
As per Segal's Friday mail to employees, the annual bonus figure could fluctuate throughout the year based on Twitter's upcoming earnings.
The company has 7,500 plus employees worldwide. It laid off 30 per cent of employees from its talent acquisition team last month. It has halted most hiring and backfills except for critical business roles, which were determined by 'Staff' members.
At the moment, the micro-blogging platform is in a legal fight with Tesla owner Elon Musk, who terminated a $44 billion deal to take over the platform. Musk terminated the agreement over the actual number of bots on the platform.
In July, Twitter that it incurred a $270 million net loss in the second quarter (Q2) and the same was attributed to the pending acquisition deal by Musk, which had affected its advertising business. The Q2 revenue, $1.18 billion, was a 1 per cent decrease year-over-year, "reflecting advertising industry headwinds associated with the macro-environment as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Musk", IANS quotes.