(RTTNews) – Elon Musk’s Twitter is offering new equity grants to its employees that will start to vest after six months, the Wall Street Journal reported, citing an email sent to staff late Friday.
Twitter plans to offer a liquidity event roughly a year from now, in which employees can cash out some of their equity. The number of employees who received the equity grants and the value of the shares couldn’t be learned, the Journal reported.
After taking Twitter private in a $44 billion acquisition in October 2022, Musk had fired CEO Parag Agrawal and CFO Ned Segal, along with certain other key executives, and also cut nearly half of its employees.
The Wall Street Journal reported on Saturday that the new grants will vest over four years and be in addition to and separate from any legacy Twitter equity that was converted to cash at the time of the acquisition in October 2022.
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