On Wednesday, LinkedIn CEO Jeff Weiner announced his plan to forfeit his annual stock compensation this year in favor of giving it to his employees — a surefire morale boost.
While the full value of the stock package was not publicly disclosed, a Re/code source said that it was worth approximately $14 million.
Spokesperson Hani Durzy told the tech publication that the decision to give the package to the workers came at Weiner's request.
Last year Jack Dorsey, the CEO of Twitter, gave a third of his stock away to employees in an apparent bid to keep them happy following the announcement of future layoffs. LinkedIn's stock has been plummeting in recent months, and it is likely that Weiner similarly wants to keep morale high.
Studies have revealed that although employees like stock options, they prefer having a sense of self-worth — something Weiner appealed to in a motivational speech last month.
"We are the same company we were the day before our earnings announcement," Weiner told his workers, according to Business Insider. "I'm the same CEO I was the day before our earnings announcement. You're the same team you were the day before our earnings announcement. And most importantly, we have the same mission, vision, and sense of purpose in terms of our ability to create economic opportunity. None of that has changed. It hasn't changed one iota."
Cover via Chip Somodevilla/Getty Images.