Digital Desk: After completing his
$44 billion deal to acquire Twitter, billionaire Elon Musk fired Twitter CEO
Parag Agarwal on Friday. According to reports, the top executive is not leaving
empty-handed. According to reports, Agarwal will still have 100% of his
deferred compensation equity awards vested as part of the deal.
According to independent research
by Equilar, Agarwal will still take home
an approx amount of $42 million.
The estimate includes a year's base salary for Parag as well as
accelerated vesting of all equity awards. According to Twitter's proxy,
Agrawal's total compensation in 2021 as chief technology officer was $30.4
million. Agrawal's salary as CEO was reported to be $1 million per year.
Ever since co-founder Jack Dorsey
mysteriously resigned, Parag Agrawal took over. Musk's onset as a major
shareholder and progressively fierce critic of the company's current leadership
quickly ended Agrawal's tenure as CEO. They both had not been on good terms and it was clearly prominent.
Parag Agrawal was likely to lose his
job after Musk's involvement.
Musk stated in one of his deal
filings that he "does not have confidence in management."
Elon Musk took over Twitter on
Friday after just a jaded legal battle with the social media platform. Musk had
opted out of the buyout deal in July, claiming that Twitter misled him about
the number of bot accounts on its platform.
Musk and Twitter were set to square off in Delaware's Court
of Chancery on October 17, with the social media company seeking an order
directing Musk to close the $44 billion deal. However, earlier this month, Musk
proposed proceeding with his original $44 billion bid, requesting that Twitter
drop its lawsuit.
Continue Reading
