Elon Musk has finally broken his silence on giving stock awards to employees, saying that they will get stock awards based on a roughly $20 billion valuation.
It is less than half of $44 billion for which Musk acquired the micro-blogging platform, reports The Wall Street Journal.
"I see a clear, but difficult, path to a >$250B valuation," he told employees in an email.
![Elon Musk Twitter Elon Musk Twitter](https://data.ibtimes.sg/en/full/59162/elon-musk-twitter.jpg?w=736)
He said that Twitter is being reshaped so that the company "can be thought of as an inverse startup."
In a separate email, Twitter told employees it is offering new equity grants to staff that will start to vest after six months.
In about a year, the company will offer a liquidity event in which they can cash out some of that equity.
The new grants will vest over four years, according to the Journal. Twitter spent nearly $630 million on stock-based compensation in 2021.
It had more than 7,500 employees and now, the company is down to about 2,000 workers after Musk laid off thousands in several rounds of layoffs.
![Elon Musk Elon Musk](https://data.ibtimes.sg/en/full/63847/elon-musk.jpg?w=736)
Despite Elon Musk's efforts to monetise Twitter, the micro-blogging platform reported a massive 40 per cent drop in revenue and adjusted earnings for December 2022.
Several advertisers "ditched the social-media platform following Elon Musk's takeover", the Wall Street Journal had earlier reported, citing people familiar with the matter.
In an update to investors, Twitter reported a 40 per cent decline (year-over-year) in both revenue and adjusted earnings for December 2022.
The company recently made a first interest payment to banks that lent $13 billion to help Musk buy Twitter.
Musk had predicted in November that Twitter may go bankrupt.