Elon Musk has introduced a new requirement at X (formerly Twitter), mandating employees to submit a one-page report detailing their contributions to the company to receive their stock grants.
An internal email viewed by The Verge indicates that stock options will be awarded based on the anticipated impact of employees’ work. This means staff members must write a summary explaining their achievements to qualify for stock awards, marking another unconventional policy at one of Musk’s companies.
This policy coincides with a delayed promotions process at X, which has added to growing tensions within the company. Employees have been preparing for possible layoffs as X continues to navigate challenges under Musk’s ownership. Despite Musk’s earlier assurances that stock options at X would be available for regular cash-outs, similar to the practice at SpaceX, employees have not seen this promise fulfilled. A source also confirmed that X still owes its staff an annual equity refresher, which was originally scheduled for April.
The most recent stock refresh at X occurred in October 2023, valuing the company at $19 billion, significantly less than the $44 billion acquisition cost. Employees received Restricted Stock Units (RSUs) at a share price of $45 during this refresh.
High-Intensity Work Culture at X
Shortly after Musk’s acquisition of Twitter, he informed employees about a shift to an “extremely hardcore” operation, requiring long hours and high intensity, as reported by The Washington Post. He urged employees to either commit to these terms by signing a pledge or leave the company with a severance package of three months.
This approach is consistent with Musk’s earlier actions, as reported by The New York Times and CNBC during the COVID-19 pandemic’s second year, when he demanded that Tesla and SpaceX employees spend at least 40 hours per week in the office or face termination. Tesla monitored attendance closely, requiring managers to send weekly reports on absences. Remote Tesla workers who could not relocate to work in-office full-time were given a three-month period to make the move or leave the company.
Similar policies were enforced at X following Musk’s acquisition, including a requirement for managers to meet with employees in person at least once a month. Managers faced potential termination if they allowed employees who were not considered “exceptional” to work remotely.
Featured Image courtesy of ALAIN JOCARD/AFP via Getty Images
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