New Delhi: Billionaire Elon Musk on Friday accomplished takeover of microblogging web site Twitter by firing its 4 prime executives together with CEO Parag Agrawal in addition to Chief Monetary Officer (CFO). Vijay Gadde, head of authorized, coverage & Belief at Twitter was one other common identify to be ousted from the social media behemoth.
With this ‘purge’ of prime management at Twitter, it’s believed that Musk has lastly taken cost of the corporate in a deal which stands at $44 billion. Extra shake-ups within the administration will not be dominated out.
The closure of Twitter deal comes after Musk’s on & off buyout supply. First, Musk introduced that he’ll purchase twitter, then reportedly backed out on account of fictitious customers. Nonetheless, with ‘Chief Twit’ strolling in Twitter Headquarters and taking cost, he’s seat firmly on the ‘scorching seat’ and has even outlined the broad contours of how he needs to see the favored platform to take form.
How 38-year-old Parag grew to become Twitter CEO
Parag Agrawal joined Twitter manner again in 2011, when it had nearly 1,000 staff. His profession noticed 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 deal of $1 million yearly wage. Aside from this, he was additionally entitled to get bonus & performance-based inventory models value $12.5 million. In line with a Reuters report, his whole package deal for 2021 stood at $30.4 million, largely in scrips.
How a lot Parag & different executives will get
Now, because the Indian-origin CEO stars at exit from social media agency, he stands to get greater than $40 million if Musk fires him from the put up.
In truth, firing a number of the prime executives is not going to come simple for Elon Musk. Reviews counsel that he should shell out huge payout amounting to $90 million for firing Parag & others.
In line with experiences, the outgoing CEO is more likely to get $42 million as his providers have been terminated inside 12 months of being on the helm.
Authorized head Gadde is estimated to get $12.5 million whereas chief buyer officer Sarah Personette might get $11.2 million, as compensation.