New Delhi: Parag Agrawal, the CEO of Twitter Inc. would get an estimate of $42 million if he is to be terminated within 12 months of a change in control at the micro-blogging company, reported a research firm, Equilar.
Billionaire Elon Musk, on Monday, struck a deal for $44 billion to buy Twitter. The billionaire ended Twitter’s run as a public company since 2013.
Besides, in a securities filing held on April 14, Musk stated that he did not have any confidence in Twitter’s management.
Equilar reports include the estimate of a year’s worth of Agrawal’s base salary along with accelerated vesting of all equity awards. According to Equilar’s spokesperson, Agrawal’s termination worth is based on Musk’s offering price of $54.20 per share and terms in the company’s recent proxy statement.
However, the Twitter representative did not share a statement regarding this.
Previous Twitter’s chief technology officer, Parag Agrawal was named CEO in November last year. His total compensation for 2021 was $30.4 million, according to Twitter’s proxy, largely in stock awards.
Meanwhile, on Monday, Twitter confirmed the sale of the company to Elon Musk. CNN reported that, under the terms of the deal, shareholders will receive USD 54.20 in cash for each share of Twitter stock they own, matching Musk’s original offer and marking a 38 per cent premium over the stock price the day before Musk revealed his stake in the company.
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a statement.
