Twitter to cut annual bonus of employees by 50% amid recession

As reported by The New York Times, Twitter’s chief financial officer, Ned Segal, told employees that global market conditions would affect the annual bonus they receive, “the bonus pool could currently be at 50 percent, if the company’s financials would be limited to 50 percent.” accomplishes goals.”

According to Sehgal, who wrote an email to Twitter employees on Friday, the annual bonus figure could fluctuate further depending on Twitter’s upcoming earnings.

The company employs more than 7,500 people globally.

Last month, Twitter fired 30 percent of its staff from its talent acquisition team.

Twitter previously withheld most recruitment and backfill, except for business important roles set by ‘staff’ members.

The micro-blogging platform is currently embroiled in a legal battle with Musk after he ended a $44 billion acquisition deal over the actual number of bots on the platform.

The legal battle will begin in the US Delaware Court of Chancery for five days from October 17.

The tech billionaire has also filed a countersuit against Twitter as part of an ongoing legal dispute, challenging CEO Agarwal to a public debate over fake accounts and spam.

Twitter said in July that it reported a net loss of $270 million in the second quarter (Q2), mainly due to uncertainty related to a pending acquisition by Musk, which adversely affected its advertising business.

The company said its second-quarter revenue was $1.18 billion, a decrease of 1 percent year-over-year, due to “macro-environmental advertising industry headwinds as well as uncertainty related to the pending acquisition of Twitter by an associate of Musk.” Shows. “.

Disclaimer: This story is auto-aggregated by a computer program and is not created or edited by FreshersLIVE.Publisher : IANS-media

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