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Elon Musk has fired Twitter CEO Parag Agarwal following the takeover of Twitter. Even if he loses something, he gains a lot as well. Severance pay should be a hefty amount for Agrawal.
According to Ankita Chakravarti:
Elon Musk has acquired Twitter after a months-long saga filled with twists and turns. Musk fired top Twitter executives minutes after taking over the company, as he had been rumored to do ever since the acquisition was discussed. The company’s CEO Parag Agrawal, its legal head and policy maker Vijaya Gadde, and its CFO Nel Segal were the first executives to lose their jobs. Agrawal, who became Twitter’s CEO in November 2021, will leave a wealthy man. Agrawal is entitled to receive $42 million from Twitter if he is terminated within 12 months of a change in control.
Recent updates:
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There is some updated information available now. As part of Parag Agrawal’s contract with Twitter, he is not only entitled to a golden parachute but he also holds stock in the company. As per Twitter’s filing with the US Securities and Exchange Commission, Parag holds about 128,000 Twitter shares, which are now worth about $7 million at Musk’s price.
Agrawal will not be the only one to receive money. As a result of her firing by Musk, Vijaya Gadde, Twitter’s legal and policy chief, will receive a severance package of $12.5 million and an additional $33 million from her 623,156 Twitter shares.
The two Twitter employees directly own these stocks. A little over 1.8 million restrictive stocks are also held by them. It is not possible for them to receive compensation for every share, but this can be done in the case of Twitter selling itself. If Twitter sells itself, Parag Agrawal may receive around $50 million, while Gadde may get around $45 million.
Agrawal’s annual salary was calculated by Equilar along with his “accelerated vesting of equity awards,” a company spokesperson told Reuters. Musk’s offer of $54.20 per share, as well as the company’s proxy statement, also contributed to the estimate.
New Upadate : A seat on the board of directors was rejected by Musk.
When jack Dorsey stepped down as Twitter’s CEO in November last year, Agrawal became the company’s new CEO. In 2021, he received $30.4 million in stock awards as part of his total compensation. As a result of Agrawal’s termination, his decade-long association with the company ended as well. With less than 1000 employees, Twitter was still in its infancy when he joined.
Parag Agrawal and Musk’s hate-hate relationship
Musk was certain to fire Parag Agrawal as soon as he assumed control. Some of Musk’s leaked chats berated Agrawal and even mocked him for vacationing in Hawaii. Musk considered Agrawal unsuitable for the position of Twitter CEO.
![Elon Musk with Ex-CEO of Twitter (Parag Agrawal)](https://recentpush.com/wp-content/uploads/2022/10/Elon-Musk-with-CEO-Parag-agrawal-1-1024x768.jpg)
Even before Musk purchased Twitter, he exchanged a few chats with Agrawal and there clearly wasn’t any bonhomie even before the acquisition process began. One of Musk’s texts to Agrawal described joining the Twitter board as a “waste of time”.
“What did you accomplish this week… I will not join the board. This is a waste of time. I will make an offer to take Twitter private.” His text to Agrawal concluded.
Musk has even written messages to former Twitter chief Jack Dorsey regarding his dealings with Agrawal. According to the leaked chats, Dorsey had tried to bring Musk and Agrawal together, but things did not go according to plan. According to Dorsey: “We are in complete agreement… Parag is moving far too slowly and trying to please people who will not be satisfied no matter what he does.” To this Dorsey replied: “At least it became clear that you cannot cooperate.”
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