Billionaire Elon Musk on Friday after finishing his $44 billion deal to take over Twitter fired Twitter CEO Parag Agrawal. Nevertheless, the highest government won’t be leaving empty-handed, stated stories. As part of the deal, Agrawal will vest 100% of his unvested fairness awards, reported Bloomberg.
In response to analysis agency Equilar, which means that he’ll make an estimated $42 million, reported Reuters. The estimate features a yr’s price of Parag’s base wage plus accelerated vesting of all fairness awards. In 2021, Agrawal’s whole compensation was $30.4 million, when he was the chief know-how officer, in accordance with Twitter’s proxy. Because the CEO, Agrawal’s wage was reported to be $1 million yearly.
Additionally learn: You are free to tweet: Messages reveal Elon Musk- Parag Agrawal fall out
Parag Agrawal took over the Twitter CEO position in November final yr after co-founder Jack Dorsey unexpectedly resigned. Agrawal’s run as CEO was rapidly disrupted by Musk’s arrival as a significant shareholder and more and more vocal antagonist of its present management. The 2 had not been on good phrases and none of it was hidden from the general public eye.
After Musk’s involvement, Parag Agrawal was unlikely to maintain his job.
In certainly one of Musk’s filings concerning the deal, he stated that he “doesn’t believe in administration”.
A number of textual content messages through the lawsuit confirmed that Musk and Agrawal had a contentious change early on through the deal course of after Musk requested his followers whether or not Twitter was “dying”. On April 9, Agarwal had written to Musk: “You’re free to tweet ‘is Twitter dying?’ however it’s my accountability to inform you that it’s not serving to me make Twitter higher within the present context.” Musk fired again: “What did you get performed this week?”
Additionally learn: ‘Chief Twit’ Elon Musk visits Twitter HQ as takeover deadline looms | Watch
Elon Musk took over Twitter on Friday after a bitter authorized battle with the social media platform – days after Musk had pulled the plug on the buyout deal in July – claiming that he was misled by Twitter in regards to the variety of bot accounts on its platform.
On October 17, Musk and Twitter had been anticipated in a face-off in Delaware’s Courtroom of Chancery – whereby the social media firm was set to hunt an order directing Musk to shut the deal for $44 billion. Nevertheless, earlier this month, Musk proposed to proceed together with his authentic $44 billion bid – calling for an finish to the lawsuit by Twitter.
(With inputs from companies)