Following a 40% plunge in share price earlier this month, LinkedIn CEO Jeff Weiner is donating his $14 million stock bonus to employees to make up for the drop.
On Wednesday, the social network for professionals filed documents to the U.S. Securities and Exchange Commission outlining the compensation packages for its executives for 2016. However, as tech news site Re/code first discovered, Weiner’s is missing because he’s forgoing his annual stock grant this year.
“He asked the Compensation Committee to take the stock package he would have received and put it back in the pool for employees,” a LinkedIn
spokesman told Re/code. It reported that the bonus would have been valued at $14 million according to sources.
Last year, Weiner’s stock compensation was valued at $13 million.
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In early February, LinkedIn posted its latest quarterly results and lowered its yearly guidance below what analysts had expected. The next day, its stock took tumbled, and now Weiner wants to make his employees feel better about it.
Weiner isn’t the only tech company CEO to try to lift employee morale recently. Following the exit of a handful executives last month, Twitter
CEO Jack Dorsey held an internal all-hands pep rally. Prior to that, when appointed permanent CEO, he said he would donate a third of his stock—or 1% of Twitter’s shares, worth roughly $200 million at the time—to the employee equity pool for future grants.