There's not enough information to know exactly how their equity program works. The link above says the grants are based on a $54.20 share price ($44 billion valuation). The stock grants that were announced in March had a valuation of ~$20 billion. (https://www.wsj.com/articles/twitter-offers-new-equity-grants-to-staff-938ee7f8).
If the program functions like a typical option grant and the strike price is $54.20, then yeah, the grants are worthless. They'd be worthless at a strike price of $20/share. If the program is simply granting shares to the employees with no strike price (anything above $0.00 would be in-the-money to the employees) AND Elon has committed to repurchasing the grants at some arbitrary price as a liquidity event down the road, then that would be economically relevant to the remaining employees and rather generous. That sounds very on brand for Elon./sarcasm