Tesla and SpaceX CEO Elon Musk has asked staff members at X to write a one-page synopsis of their accomplishments to be eligible for stock allocations, reported The Verge.
The Verge obtained an email from the corporation to its employees that stated that stock options would be granted according to the anticipated contribution of staff members. This implies that for employees to receive shares, they must submit a one-page report outlining their contributions to the company’s leadership. According to employees, Musk had previously given assurances to staff that they may routinely cash out stock, just like SpaceX employees but the promise remains unfulfilled.
The report comes at an already tense atmosphere at X with delayed employee promotions and a chain of resignations by veterans. Confirming this, a source reportedly revealed to The Verge the staff members had not received their anticipated April annual equity refresher.
Employment attorney Lori Deem during an interview with MSN said, “The decision to require employees to write a one-page summary of their performance in order to access stock options is not illegal. Still, it could open the door for trouble since stock options are usually rewarded on objective performance criteria rather than subjective ones in order to avoid discrimination.”
MSN, in its report further shared that Elon Musk informed the employees at X (then Twitter) in 2022 that they would have to work “extremely hardcore” hours to create Twitter 2.0. The billionaire informed staff members by email late at night that they would be required to work “long hours at a high intensity” and that any who were unable to do so should resign.
Former X staffers of the Tesla CEO have spoken about having to stay up late to fulfill “impossible” targets, reports Business Insider. Amidst the launch of Musk’s X premium membership service, several staff members reportedly made jokes about having to keep an eye on their Apple Watches’ rapidly rising pulse rates.
During the past few months, former VP of Tesla Venkataratnam, Drew Baglino, Tesla’s senior VP of powertrain and electrical engineering, and Rohan Patel, another VP of public policy and business development have quit working for the company.
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