Twitter CEO to get $42 million if sacked after Elon Musk’s acquisition
4 May, 2022 | Riya Girdhar
If Twitter CEO Parag Agrawal is fired following Elon Musk's $44 billion purchase of the social media network, he will reportedly receive $42 million.
According to many sources, Twitter CEO Parag Agrawal would be paid $42 million if he is fired within a year of Elon Musk taking over the company.
Equilar created the calculation, which took into account a year of Agrawal’s base income as well as accelerated vesting of all stock awards, based on Musk’s $54.20 per share offering.
Musk claimed that he intended to restructure the company when the acquisition was completed. Earlier last month, the internet entrepreneur expressed his dissatisfaction with the management.
The appointment of Agrawal as CEO in November was one of the company’s most important management choices.
“Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important,” said Agrawal’s initial reaction to Musk’s purchase of Twitter. Earlier this month, he voiced his joy at Musk’s appointment to the board of directors.
The failure of Twitter’s potential as a medium for free speech was Musk’s primary motivation for purchasing the company. He has promised to make the platform ‘better than ever’ by implementing new features such as the eradication of automated’spam bots’ and open-source algorithms to improve platform trust.