Musk sent the email to inform employees about a new stock compensation program. He warned that Twitter is in a precarious financial position and that at some point it would only take four months for the money to run out. The “radical changes” he made shortly after his takeover – including mass layoffs and cost cutting – were therefore necessary to avoid bankruptcy and streamline operations.
Under the new stock compensation program, Twitter employees will now receive shares in X Corporation, the holding company Musk used to buy the company. The shares will be awarded based on the valuation of $20 billion. Musk also wrote in his email that Twitter will one day be worth $250 billion.