10 ms·

An other component is that if you're working on rockets or EVs you might consider that rewarding in and of itself, and accept lower comp or worse conditions. T

An other component is that if you're working on rockets or EVs you might consider that rewarding in and of itself, and accept lower comp or worse conditions. Twitter? I'm sure twitter employees were proud of their work and doing things they believed meaningful, but not "halve your effective comp', in a company with all the joy of an abattoir, for a narcissistic egomaniac. And if you're a rocket engineer, the field is way smaller. That means less competitors, but also less places to work at. Software?

grogenaut 4y ago
My kids are out of college and working. I'd totally consider going to space-x as a fun-tirement if I had that option, work hard do cool shit, have low downside if I burn out or quit. But twitter, that just isn't as fun as space and explodey bits. Games and Space... that's where I'd take the cool part as compensation.
klyrs 4y ago
"halve your effective comp" And also work double time for the indefinite future. So effective comp is quartered, by my accounting.
- masklinn 4y ago
  I was thinking of double time (hence talking about effective comp), I didn't see mentions of salary being cut but mayhaps I just missed it?
  - tedunangst 4y ago
    Stock, "$400" lunches, remote option, etc. Everything that's not a paycheck seems slashed.
    - masklinn 4y ago
      Good point, that's definitely a part of comp'.
  - andruby 4y ago
    I think the salary hasn’t been cut, but the value of the stock (options) are probably very different now
    - klyrs 4y ago
      As I understand it, nobody holds stock anymore, because he took the company private. He bought everybody's shares. So whatever portion of employee's comp was equity, that's now zero. Elsewhere, I saw somebody estimate that to be around half of twitter employees' comp -- I have zero confidence in that estimate, but it doesn't sound unreasonable. And while they might get a lump sum for whatever equity they held, that's money in the bank and no longer a carrot.
      - twitter_anon 4y ago
        Existing equity was converted to cash at $54.20/share, but will still be paid out on the existing vesting schedule. It's a carrot, insofar as it is promised future money, but it's a decaying carrot. Edit: Yes, the proportion of total comp that was equity hit about 50% at L7 (Twitter's Staff). L6 (Twitter's Senior) was usually around 40%.

grogenaut 4y ago

My kids are out of college and working. I'd totally consider going to space-x as a fun-tirement if I had that option, work hard do cool shit, have low downside if I burn out or quit. But twitter, that just isn't as fun as space and explodey bits. Games and Space... that's where I'd take the cool part as compensation.

klyrs 4y ago

"halve your effective comp" And also work double time for the indefinite future. So effective comp is quartered, by my accounting.

masklinn 4y ago
I was thinking of double time (hence talking about effective comp), I didn't see mentions of salary being cut but mayhaps I just missed it?
- tedunangst 4y ago
  Stock, "$400" lunches, remote option, etc. Everything that's not a paycheck seems slashed.
  - masklinn 4y ago
    Good point, that's definitely a part of comp'.
- andruby 4y ago
  I think the salary hasn’t been cut, but the value of the stock (options) are probably very different now
  - klyrs 4y ago
    As I understand it, nobody holds stock anymore, because he took the company private. He bought everybody's shares. So whatever portion of employee's comp was equity, that's now zero. Elsewhere, I saw somebody estimate that to be around half of twitter employees' comp -- I have zero confidence in that estimate, but it doesn't sound unreasonable. And while they might get a lump sum for whatever equity they held, that's money in the bank and no longer a carrot.
    - twitter_anon 4y ago
      Existing equity was converted to cash at $54.20/share, but will still be paid out on the existing vesting schedule. It's a carrot, insofar as it is promised future money, but it's a decaying carrot. Edit: Yes, the proportion of total comp that was equity hit about 50% at L7 (Twitter's Staff). L6 (Twitter's Senior) was usually around 40%.