Elon Musk offered Twitter employees new equity grants valuing the company at $20 billion, The Information reported, citing an unidentified person familiar with an email sent by the chief executive officer to staff.
The $20 billion valuation is less than half the $44 billion Musk paid to buy the social media platform last year, which in theory would offer workers a big upside if the company’s value recovers. Many early startups offer stock options at steep discounts.
The move could be seen as an attempt to stem an exodus of talent. During his stewardship, Musk has laid off thousands of employees in a series of job cuts that then led to mass resignations, as workers fled growing uncertainty about the company’s direction.
Musk implemented big changes in content moderation that have scared off some advertisers and eroded value, however.
The company also began removing legacy verified marks that had previously helped users confirm authenticity of statements made by public figures and news organizations.