-Telsa Chief Elon Musk took over Twitter after months-long adventure.
-Musk promptly terminated Twitter President Parag Agrawal, strategy boss Vijaya Gadde and CFO Nel Segal.
-Parag Agrawal will allegedly get $42 million from Twitter according to the organization strategy
Tesla CEO Elon Musk has finally acquired Twitter after a months-long saga full of twists and turns. Within minutes of his takeover, Musk did what he was speculated to do ever since the acquisition was being discussed — firing top Twitter executives. The CEO Parag Agrawal, the company’s legal head and policy maker Vijaya Gadde, and CFO Nel Segal were the first executives to be terminated from the company. However, Agrawal, who was appointed as the Twitter CEO in November 2021, will leave a rich man. As per reports, Agrawal is entitled to get $42 million from Twitter if he were terminated within 12 months of a change in control.
The research firm Equilar estimated Agrawal’s base salary for a year along with the “accelerated vesting of all equity awards,” the company spokesperson told Reuters in a statement. The estimate was also based on the price Musk offered, $54.20 per share and terms in the company’s proxy statement.
Agrawal was elevated as the CEO of Twitter in November last year when former CEO Jack Dorsey stepped down from his role. His total compensation for 2021 was $30.4 million, which was paid to him in stock awards. With Agrawal’s termination, his decade-long association with the company also ended. He had joined Twitter when it was at a nascent stage with less than 1000 employees at the helm.
Agarwal’s termination was predicted when the talks about Musk acquiring Twitter first came to shore. Musk found the Twitter management incompetent and his leaked chats were testimony to the fact that he disliked Agarwal and wanted to get rid of him as soon as he acquired him.