10 Things in Tech: Stock shock
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10 Things in Tech
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10 Things in Tech: Stock shock
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Happy Friday, readers. Breaking news this morning: Elon Musk said his Twitter deal is on hold. Here's the latest.
Plus, the tech-stock collapse has sent many employees' total compensation into a tailspin, and we're showing you the best headphones you can buy.
Let's get started.
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Noah Berger/Getty Images
1. The tech-stock collapse has sent employees' total compensation spiraling. Workers at companies like Amazon, Uber, and Block, who were lured to the firms by lucrative amounts of equity, watched thousands of dollars vanish from their compensation as stocks plunged this week. (Keep up with the latest tech stock moves over on Markets Insider.)
In recent years, workers have been recruited to Big Tech firms with offers that include large chunks of equity known as restricted stock units, which can make for compelling offers when stocks are skyrocketing.
But now, after tech stocks crashed, some employees said more than two-thirds of their total compensation has disappeared — with one seeing losses totaling up to $400,000.
As salaries take a hit, many tech employees could look to jump ship. In fact, some insiders said that if there's a decent offer on the table, now might be the best time to defect to a new company.
More on employees' massive losses.
In other news:
Kacper Pempel/Reuters
2. Breaking this morning: Elon Musk tweeted early Friday that his deal to buy Twitter is "temporarily on hold." Musk attatched a Reuters article reporting on a Twitter filing that estimated spam or fake accounts made up less than 5% of its monetizable daily users. Get the latest here.
3. Twitter lost two executives yesterday. Insider has seen an internal email that Twitter's CEO sent to employees. The memo said the company would be freezing the majority of hiring and backfilling positions — and that it'd be rescinding offers already made to some candidates. Here's the latest.
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