New Delhi: Billionaire Elon Musk on Friday completed takeover of microblogging website Twitter by firing its 4 top executives including CEO Parag Agrawal as well as Chief Financial Officer (CFO). Vijay Gadde, head of legal, policy & Trust at Twitter was another popular name to be ousted from the social media behemoth.
With this ‘purge’ of top leadership at Twitter, it is believed that Musk has finally taken charge of the company in a deal which stands at $44 billion. More shake-ups in the administration is not ruled out.
The closure of Twitter deal comes after Musk’s on & off buyout offer. First, Musk announced that he will buy twitter, then reportedly backed out on account of fictitious users. However, with ‘Chief Twit’ walking in Twitter Headquarters and taking charge, he is seat firmly on the ‘hot seat’ and has even outlined the broad contours of how he wants to see the popular platform to take shape.
How 38-year-old Parag became Twitter CEO
Parag Agrawal joined Twitter way back in 2011, when it had just about 1,000 employees. His career saw sudden catapult when he was elevated as Twitter CEO, after co-found Jack Dorsey resigned unexpectedly.
In November 2021, Agrawal was drawing a remuneration package of $1 million yearly salary. Apart from this, he was also entitled to get bonus & performance-based stock units worth $12.5 million. According to a Reuters report, his total package for 2021 stood at $30.4 million, largely in scrips.
How much Parag & other executives will get
Now, as the Indian-origin CEO stars at exit from social media firm, he stands to get more than $40 million if Musk fires him from the post.
In fact, firing some of the top executives will not come easy for Elon Musk. Reports suggest that he will have to shell out big payout amounting to $90 million for firing Parag & others.
According to reports, the outgoing CEO is likely to get $42 million as his services have been terminated within 12 months of being at the helm.
Legal head Gadde is estimated to get $12.5 million while chief customer officer Sarah Personette may get $11.2 million, as compensation.