Jakarta: Elon Musk finally officially bought Twitter. The first thing to do was to fire key social media executives, including CEO Parag Agrawal.
reported from India todayThe Tesla boss also fired the company’s chief legal officer and policymaker Vijaya Gadde and chief financial officer Nel Segal.
However, Parag Agrawal, who was named CEO of Twitter in November 2021, will receive a fantastic severance package. According to reports, he is entitled to $42 million from Twitter if he is fired within 12 months of the change in control.
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In addition, he also owns several shares of the company. According to Twitter’s SEC filings in the US, Parag Agrawal owns just over 128,000 Twitter shares, which are now valued at around $7 million.
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Parag Agrawal (left) replaces Jack Dorsey as CEO of Twitter in November 2021. Twitter @paraga
Meanwhile, Vijaya Gadde, as Twitter’s chief legal and policy officer, will receive a severance package of $12.5 million and an additional $33 million from the approximately 623,156 Twitter shares he owns.
These are shares held directly by the two Twitter employees. Additionally, they also hold just over 1.8 million restricted shares. They can’t be compensated for all of those shares, but if Twitter sells, some of those shares can be sold.
In conclusion, Parag Agrawal will receive a severance package of $50 million and Vijaya Gadde $45 million for being fired by Elon Musk.
Parag Agrawal was named CEO of Twitter in November 2021 when former CEO Jack Dorsey stepped down. His total compensation for 2021 is $30.4 million, which was paid to him in stock.
With the dismissal of Parag Agrawal, his decade-long relationship with Twitter also came to an end. He had joined Twitter when it was in its infancy with less than 1,000 employees at the helm.
Parag Agarwal’s termination was predicted when talk of Elon Musk’s acquisition of Twitter first surfaced. The SpaceX boss finds Twitter management incompetent and his leaked conversations testify to the fact that he doesn’t like Parag Agarwal and wants to get rid of him as soon as he gets him.
(SYN)
