Three of Twitter’s top executives are poised to rake in more than $100 million in severance and payouts.
Three of Twitter Inc’s top executives. Who is said to have been fired after Elon Musk After completing his takeover, he is ready to collect over $100 million in severance and payment of previously issued equity awards.
Managing director Parag Agrawalwho landed the role less than a year ago, is eligible for about $50 million, according to calculations by Bloomberg News. Chief Financial Officer Ned Segal and Vijaya Gadde, head of legal, policy and trust, are worth around $37 million and $17 million each, respectively.
Three and other major Twitter executives are among those departing after Musk takes the helm social media giant on Thursday, people familiar with the matter said. Their departure was limited to more than six months of public and legal controversy, which has now ended with Musk, the world’s richest man, taking over as CEO.
Like many top leaders at large public companies, Agrawal and his associates are entitled to severance equal to a year’s salary and cash from uninvested equity awards if Twitter is shut down. bought it back and they lost everything. job in the process, according to the terms of the company’s severance policy. Twitter also has to cover their health insurance premiums for a year, which amounts to about $31,000 per year.
Critics often point to the unfairness of granting bosses gold-plated exit packages while the average employee who loses his or her job after a merger or acquisition is unlikely to get a chance to land lightly. Defenders of the golden umbrella say they let executives focus on what’s best for shareholders instead of worrying about whether they’ll be replaced if a deal is struck.
In the case of Agrawal, 38, who has been at Twitter for almost a decade, he firmly asserts that the company will see through Musk’s acquisition at $54.20 per share despite the co-founder. Founder of Tesla Inc. says he doesn’t trust the management. . The text messages revealed in the settlement lawsuit show that the two had a controversial text exchange early in the process after Musk asked his followers if Twitter is “dead” or not.
A representative for Twitter did not immediately respond to a request for comment.
