Elon Musk sent an email to X staff overnight about the long-awaited stock grants—but there’s a catch.
X employees finally heard about their stock grants last night, and the news is just as bizarre as expected. Elon Musk sent an email saying that workers need to write a one-page explanation on why they deserve the stock.
According to an email seen by The Verge, the company plans to give stock options based on the expected impact of employees. This means staff have to write a one-page summary explaining their contributions to the company to qualify for the stock.
Rising Tensions at X Over Delayed Stock Grants
These long-awaited stock grants are adding to the tension between X leadership and staff after recent delays in the promotions process, with no explanation given. Since the company, previously known as Twitter, has faced ongoing struggles under Elon Musk’s ownership, employees have been expecting more layoffs.
Additionally, a source at X told The Verge that the company still owes staff their annual equity refresher, which was supposed to be given out in April. Musk had promised employees they could regularly cash out their stock, like SpaceX staff do, according to two employees. However, he hasn’t followed through on this promise yet.
The last stock refresh for X employees was in October 2023, which valued the company at $19 billion much lower than the $44 billion Musk paid for it. During this refresh, employees received RSUs at a share price of $45, as he reported earlier.
Conclusion
The situation at X is tense as employees wait for their stock grants and overdue equity refreshers. With delays in promotions and unkept promises, staff are growing frustrated. The company, struggling under Elon Musk, faces uncertainty, and employees are worried about possible layoffs and the future of the business.
