FOX Business senior correspondent Charlie Gasparino has the latest on the billionaire’s counterattack in ‘The Claman Countdown’.
Twitter says the company is dealing with economic uncertainty and that this could affect employee bonuses.
According to The New York Times, employees were told on Friday that they might receive only half of their normal annual bonuses.
In the company’s most recent quarterly report, sales fell for the first time since 2020 and the company made a net loss.
Twitter is engaged in a legal battle to get Elon Musk to complete his $44 billion purchase of the company.
The logo for Twitter is displayed on a screen on the floor of the New York Stock Exchange. (REUTERS/Brendan McDermid/Reuters)
Advertisers appear to be taking a wait and see approach due to uncertainty about Musk’s acquisition and its impact on the company’s future.
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Advertising generates the bulk of Twitter’s revenue, which was also impacted by economic fears over the war in Ukraine.
In this photo illustration, Tesla CEO Elon Musk is depicted with a Twitter logo on a smartphone screen. (Photo illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images/Getty Images)
Musk agreed to take over Twitter in April and has been trying to get out of the deal since July.
Twitter wants to force the purchase.
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The case will go to court in October.
A sign is displayed outside the Twitter headquarters in San Francisco. (AP Photo/Jed Jacobsohn/AP Newsroom)
In the email to employees, Ned Segal, Twitter’s chief financial officer, said these challenges would likely affect the annual bonuses they receive, with the bonus pool currently at 50 percent of what it could be if it were company would meet its financial targets, according to two employees who received the message.
The company links its annual bonuses to its performance against revenue and profitability targets.
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A Twitter spokesperson confirmed the email’s accuracy and declined to comment further.