Twitter warns employees that their bonuses could be halved this year
Twitter lawyer: No 'exit ramp' for Elon Musk out of takeover dealReplayMore Videos ... (15 Videos)Twitter lawyer: No 'exit ramp' for Elon Musk out of takeover dealApple issues emergency security alert: Update your device now Misinformation, not machines, biggest election vulnerability, hackers sayChinese tech company reveals robot weeks before TeslaWatch snake walk using robotic legsSee Samsung's latest foldable phonesAir conditioning is bad for the planet. Here are some possible solutionsDogs in Tokyo cool down with wearable fansHow this smart band can prevent overheatingAre these building blocks a solution to the plastic problem?This animatronic Baby Yoda puppet looks like it's aliveWatch chess-playing robot break boy's fingerPeople are posting their cats' reactions to this new video game Amazon's big headache: Fake reviewsTech giant's new robotaxi with removable steering wheel not legal yet in China (CNN Business)Twitter is warning employees that their bonuses might be half of what was originally expected at the start of the year, in the latest sign of belt tightening at the company amid uncertainty with its pending acquisition and a souring economy.
Twitter (TWTR) confirmed to CNN Business that its bonus pool is currently tracking at 50% of its prior target, based on the company's financial performance. Twitter cited significant challenges to its business since the approval of the bonus plan in January, including fallout from the economic downturn and its uncertain deal to be acquired by billionaire Elon Musk.The New York Times was first to report the news, citing an email to staffers from Twitter CFO Ned Segal. Twitter confirmed to CNN Business that Segal sent the email.Elon Musk's bumpy road to possibly owning Twitter: A timelineTwitter has sued Musk in an attempt to force him to honor his $44 billion merger agreement, after the Tesla CEO said he wanted to back out of the deal. Musk and his legal team have accused Twitter of misstating the number of fake and spam bot accounts on its platform. Twitter has suggested Musk is using bots as a pretext to try to get out a deal over which he now has buyer's remorse, following the market downturn.A five day trial is set to take place in October. Twitter had argued for an expedited trial, noting the uncertainty from the deal does harm to its business. Read MoreLike other social media companies, Twitter is also confronting a slowdown in ad sales as advertisers cut their budgets amid fears of a recession. Last month, Twitter reported quarterly revenue of $1.18 billion, a decline of 1% from the prior year. Previously, Twitter announced it was laying off a portion of its recruiting team and pausing most hiring as it sought to pull back on costs. A number of other tech companies have also cut staff and implemented hiring freezes in recent months. CNN Business' Clare Duffy contributed to this report. Click Here To Get Funded!