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"halve your effective comp" And also work double time for the indefinite future. So effective comp is quartered, by my accounting.
by 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 agoI 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 agoStock, "$400" lunches, remote option, etc. Everything that's not a paycheck seems slashed.
- masklinn 4y agoGood point, that's definitely a part of comp'.
- andruby 4y agoI think the salary hasn’t been cut, but the value of the stock (options) are probably very different now
- klyrs 4y agoAs 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 agoExisting 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%.