On Friday twenty eighth October 2022, Elon Musk took over Twitter as he finished his $44 billion deal. Elon Musk fired Twitter CEO Parag Agrawal with quick impact. After exiting Twitter, Parag Agrawal is predicted to obtain $42 million.
In line with reviews, 100% of Agrawal’s unvested fairness awards will vest. So, the highest govt gained’t be departing with none rewards. Actually, he’ll get a sum of roughly $42 million.
In line with analysis company Equilar, The estimate accounts for the sped up vesting of all inventory awards in addition to a 12 months’s price of base pay for Parag Agrawal. When Agrawal was once the manager era officer, his overall wage was once $30.4 million. Agrawal was once reportedly paid $1 million a 12 months because the CEO.
After co-founder Jack Dorsey swiftly left his place in November of remaining 12 months, Parag Agrawal assumed the position of CEO. The appearance of Musk as a significant stakeholder and an an increasing number of vocal critic of the corporate’s incumbent management briefly ended Agrawal’s tenure as CEO.
Parag Agrawal was once not likely to stay his task after Musk’s involvement. Musk mentioned that he “does now not have faith in control” in certainly one of his filings in regards to the deal.
Elon Musk obtained keep an eye on of Twitter on Friday after a chronic felony spat with the social media website. Musk had cancelled the purchase settlement in July, alleging Twitter had misled him in regards to the choice of bot accounts on its community.
On October 17, Musk and Twitter have been scheduled to sq. off in Delaware’s Courtroom of Chancery; Twitter deliberate to invite the pass judgement on to reserve Musk to finalize the $44 billion deal. However previous this month, Musk instructed transferring ahead together with his first $44 billion be offering and requesting Twitter’s lawsuit to be dropped.
Considered one of Elon Musk’s first movements was once to take away the senior control. CEO Parag Agrawal, who was once selected for the location by means of corporate co-founder Jack Dorsey in November of remaining 12 months, is amongst the ones exiting. In conjunction with the CEO of Indian descent, Mr Musk additionally let move of 2 different senior executives and Twitter’s head of felony, coverage, and agree with, Vijaya Gadde.