‘Wellness Month’ at Twitter Turns Frantic as Musk Deal Looms

(Bloomberg) — For National Emotional Wellbeing Month, Twitter Inc. has been filling employee inboxes with tips on self-care and balance. However, the outgoing messages are hectic.

Most read by Bloomberg

With Elon Musk’s deal to buy the company due to close in a week, employees are bracing for layoffs — which Musk has told investors could cut 75% of the workforce, according to people familiar with the matter. That pain will coincide with likely shifts in leadership, priorities, and values ​​under Musk.

This week was also a “focus week” on Twitter, regular week-long chunks where employees hold fewer meetings so they can get more done. Many employees said they used the extra time to look for other jobs and consult personal attorneys about severance pay and stock compensation.

Employee stock awards are set to vest early next month, but there’s uncertainty as to whether the vesting date will change or even occur. There are growing concerns that stock awards will not be paid, the people said. Twitter froze employee stock accounts on Monday in anticipation of signing a deal with Musk, Bloomberg reported. Some employees discuss and research labor laws to ensure they get the right kind of severance pay, said another person familiar with the matter, who also asked to remain anonymous and to discuss private information.

Twitter and Musk are working to finalize the deal by Oct. 28 after months of legal back-and-forth. But there’s still a chance something could come up — such as a potential national security review by the Joe Biden administration, Bloomberg reported Thursday.

READ :  MAGA World Rejoices as Elon Musk Fires Lawyer Who Banned Trump From Twitter

Employees still go through their regularly scheduled performance reviews during the last three months of the year, albeit more informally, several people said. Employees submitted self-assessments earlier this month, and this week managers rated employees on a chart with only 3% of employees ranked at a bottom tier. Next week, when the deal is finalized, employees will report to their managers.

With or without Musk, Twitter’s difficult economic situation could make raises scarce. Some managers received an email from the operations team this week that contained a “Non-Monetary Retention Playbook” explaining how managers could attempt to retain employees without adding additional compensation.

The teams continued product planning and reviewed proposed changes to Twitter’s functionality. However, sentiment is beginning to sour within Twitter’s engineering teams, people familiar with the matter said. Engineers are reluctant to embark on large-scale projects that could eventually shut down if Musk completes an acquisition of the company.

Musk tweeted that when he starts, “software engineering, server operations and design will rule the roost.” He’s also talked about turning the company into “X,” an all-app. “We don’t even know what that is,” said an employee.

On Blind, the anonymous employee discussion app, a Twitter employee asked if it was possible to organize about 200 engineers to quit at once and start a competitor, leaving Musk without an engineering team.

Most Read by Bloomberg Businessweek

©2022 Bloomberg LP

Leave a Reply

Your email address will not be published. Required fields are marked *