Elon Musk takes over Twitter, removes CEO Parag Agrawal: Sources
28 October, 2022 | Riya Girdhar
Elon Musk, according to sources, fired four top executives, including Parag Agrawal, as soon as the deal was completed, making Musk the new owner of Twitter.
According to reports, Twitter CEO Parag Agrawal and Chief Financial Officer Ned Segal are among the executives leaving the company as Elon Musk completes his $44 billion takeover of Twitter. According to sources, Parag and Ned Segal have left the company’s San Francisco headquarters and will not be returning. Others leaving include Vijaya Gadde, the head of legal, policy, and trust, and Sean Edgett, who has been general counsel at Twitter since 2012, according to Bloomberg, citing people familiar with the situation.
The top officials, including Parag Agrawal, were fired as soon as the deal was completed, according to the sources. According to the New York Times, at least one of the fired executives was escorted out of Twitter’s office.
Following the resignation of Twitter co-founder Jack Dorsey in November, Parag Agrawal was named CEO. Agrawal has been with Twitter for nearly a decade, serving as chief technology officer before taking over as CEO.
Parag Agrawal vs. Elon Musk
The takeover of the social media platform by the world’s richest person brings to an end a protracted legal battle and months of animosity between Elon Musk and former Twitter executives. Elon Musk and Parag Agrawal had a lot of bad blood between them, and none of it was hidden from the public eye thanks to the lawsuit, which made their scathing message exchanges public. “I don’t trust management,” Musk said in an early filing about the deal. “You are free to tweet ‘is Twitter dying?’ or anything else about Twitter,” wrote Parag Agrawal, “but it is my responsibility to tell you that it is not helping me make Twitter better in the current context.”
“What did you accomplish this week?” Elon Musk publicly chastised Parag and expressed reservations about the deal, writing, “I’m not joining the board this is a waste of time.”
Elon Musk’s visit to Twitter headquarters, as well as a message to advertisers
Elon Musk visited Twitter’s headquarters a day before the deal was completed and changed his bio to ‘Chief Twit.’ Then, in a message to Twitter advertisers, he stated that he purchased Twitter because the future of civilisation requires a “common digital town square.” “There is currently a significant risk that social media will splinter into far right and far left echo chambers, generating more hate and dividing our society.”
“I didn’t do it because it was simple. I didn’t do it for the money. I did it to help humanity, which I adore “Elon Musk penned a letter.
Parag Agrawal will not leave empty-handed. According to a filing, the CEO will receive 100% of his unvested equity awards as part of the deal. According to Reuters, research firm Equilar estimates that he will earn $42 million.