According to the point of sale, the last inventory refresh for X employees took place in October 2023.
Billionaire Elon Musk has reportedly announced that employees of his social media company X (formerly Twitter) will receive their stock options based on their contributions. In an email to employees sent by The edgeMr. Musk told employees that the company would reward stock options based on employee performance and that employees would have to submit a one-page summary of their contributions to X to receive them. This decision in particular has reportedly caused further tension among employees, following recent reports of delays in promotions and concerns about layoffs.
Cite sources, The edge also reported that X employees are still waiting for their annual stock refresh, which was expected in April. The billionaire had assured X employees that they would be able to cash in on stocks on a regular basis, similar to SpaceX employees, according to two employees. However, he has yet to follow through.
The last stock refresh for X employees came in October 2023 and valued the company at $19 billion — significantly less than the $44 billion Mr. Musk paid for it. Employees reportedly received RSUs at a stock price of $45 during that refresh, the outlet said.
Elon Musk acquired Twitter in October 2022 for $44 billion. Shortly after taking over the company, he laid off nearly half of the employees and gave the remaining employees a harsh ultimatum.
Earlier this month, this controversial ultimatum to employees also resulted in a legal victory for a former X employee. An Irish court ordered the microblogging platform to pay over $602,640 (approximately Rs. 5 crore) to Gary Rooney, who was fired in December 2022 after Mr. Musk took over the company. Mr. Rooney held a senior procurement position at the time of his firing. He had been employed by X since September 2013.
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Ireland’s Industrial Relations Commission found that Mr Rooney was unfairly dismissed in 2022 and ordered X to pay him a large sum – the highest the agency has ever awarded. The commission heard X claimed the employee had resigned voluntarily after failing to tick a box in an email from the company’s new owner, Elon Musk, committing to new, unspecified working arrangements.
However, the Irish Employment Law Commission rejected this argument, ruling that not clicking “yes” in response to the email was not an act of resignation. “It is not OK for Mr Musk, or indeed any major company in this country or jurisdiction, to treat employees in this way. The record amount reflects the seriousness and gravity of the case,” said the plaintiff’s lawyer, Barry Kenny.
