Elon Musk reportedly asked employees at social media firm, X, formerly known as Twitter, to submit write-ups detailing their achievements to convince the management to select them for the stock grants, media reports said.
The entrepreneur informed the company’s employees recently via email that the leadership plans to award stock options to the staff based on their anticipated impact, reported The Verge. However, to be eligible for these rewards, Musk said that the employees should submit a one-page summary to the management including their achievements to prove their merit for the grants.
The report noted that this comes after X failed to hand out promotions to its workforce and delayed the process without any explanation. Hence, the timing of this announcement has added on to the tense atmosphere in the company, the report stated.
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Further, the employees at the social media firm are also preparing themselves for layoffs as the company continues to struggle under the leadership of the richest person in the world. Notably, Musk is the richest in the world, according to both the Forbes Real Time Billionaires List and the Bloomberg Billionaires Index.
The report quoted a source working at X and said that the firm still owes employees their annual equity refresher. This was supposed to be distributed in April. Earlier, the billionaire told employees that they would be able to cash out stock regularly as was the case with SpaceX staff, two employees with the firm revealed in the report. However, Musk is yet to fulfill his promise.
The last stock refresh for employees at X happened last year in October, resulting in a valuation of $19 billion for the firm. This stood way less than the earlier valuation of $44 billion when the billionaire paid for the firm.