Musk’s rapid takeover prompts unease at Twitter’s Irish outpost

It will be an uncertain few weeks for Twitter’s Irish staff as the board’s decision to accept billionaire Elon Musk’s $44 billion (€41.3 billion) offer to buy the social media platform sinks in.

While the deal has yet to be signed and sealed, it is likely causing some unease among those who work for Twitter in Dublin.

The company has its European headquarters here, headed up by Sinéad McSweeney, who took over the role in 2016 – five years after the company opened its Irish office. At the time of her appointment, the social media platform was undergoing a round of layoffs globally that saw it cut 9 per cent of its workforce and caused some upheaval in Dublin too as some of its functions, including the marketing team, were consolidated in the US.

Average wage

The Irish team is now principally involved in sales and support, research and development, and some general duties.

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According to the most recent accounts, Twitter Dublin employed 243 people at the end of 2020, with a wage bill of €23.6 million for the year, putting the average wage loosely at €97,000 per employee. Numbers have inevitably crept higher since then, with more up-to-date figures putting Twitter’s staff numbers at more than 500 in Dublin.

Most may sit tight for the time being rather than make any sudden moves to exit the company before the new owner has a chance to implement any of the sweeping changes he promised to protect free speech on Twitter. That is because of how Twitter employees are compensated.

Package

Employees are given restricted stock units as part of their remuneration package, which vest over a couple of years. This acts both as an incentive to employees and also a retention factor for the company, and it is understood that they make up a significant part of compensation. It is not yet clear what will happen to these shares under the Musk deal.

There is a lot that is still up in the air about the billionaire’s plan. Staff will be watching closely for his next steps, some with more concern than others as Mr Musk’s mercurial nature may affect their future with the firm. For example, he disbanded Tesla’s PR team in 2020 and has yet to appoint another, saying he didn’t want to manipulate public opinion.

Given the speed at which the deal moved from billionaire whim to reality, it is not surprising that some insiders say staff have huge concerns over the deal.