Musk To X Employees: Impress Me For Your Stock Options
Elon sure seems to enjoy making employees humiliate themselves on his behalf.
After massively overpaying for Twitter, firing most of the staff, and then making bad decision after bad decision, Elon did promise remaining employees that they would get equity in the new Twitter, now renamed X (even as its valuation kept dropping).
Quite some time went by with no details forthcoming (frustrating many employees). However, last year in March he finally promised them stock grants, valuing the company around $20 billion (i.e., less than half of what he had paid for it months earlier). Of course, it appears the valuation of the company has likely dropped much more since then.
Not surprisingly, things have been a mess, with promotions delayed and new promised stock option grants not showing up.
Last week, Elon sent an email to employees telling them that he would be granting more options, but employees who are already feeling overwhelmed by having to deal with the confused whims of the man who still doesn’t understand how social media works are being told they need to justify their options.
They have to write a one-page document which “leadership” (Elon & cronies) will review to determine each employee’s “impact” to ExTwitter, and award options grants accordingly.
What could possibly go wrong?
More importantly, who could possibly want to work in such an environment?
Meanwhile, this is a man who recently demanded that he be handed a $56 billion compensation package.