Musk pledges ‘very significant’ stock awards to remaining Twitter staffers after layoffs

Twitter CEO Elon Musk announced in an internal memo on Monday that the remaining Twitter employees will receive “very significant” performance-based stock awards, just days after the company announced another round of layoffs.

In a memo obtained by The Verge on Monday, Musk promised his remaining employees that they will receive the stock awards on March 24.

The New York Times reported that Twitter laid off 200 of its employees on Saturday night, which is about 10 percent of the staff that is still with the company.

“This past week, we completed a difficult organizational overhaul focused on improving future execution, using as much feedback as we could gather from the entire company,” Musk wrote in the memo. “Those who remain are highly regarded by those around them.”

According to The Verge, Musk has yet to outline how he will make up the stock awards after he took Twitter private.

The memo, titled “Performance Awards,” was the first communication Musk sent to employees since the layoffs on Saturday night, according to The Verge.

This news comes after Musk laid off about half of Twitter’s workforce in November, aiming to cut company costs.

Musk reportedly also said in November that he was done with company layoffs.