Elon Musk Takes Charge of Twitter And CEO Parag Agarwal Resigns
Tesla CEO Elon Musk has finally acquired Twitter after a months-long saga full of twists and turns.
Elon Musk has fired Twitter CEO Parag Agarwal after Twitter takeover.
But if he is losing something, he is also gaining a lot. Agrawal is entitled to get a hefty amount as severance pay.
The CEO Parag Agrawal, the company’s legal head & policy maker Vijaya Gadde, & CFO Nel Segal were the first executives to be terminated from the company.
As per reports, Agrawal is entitled to get $42 million from Twitter if he were terminated within 12 months of a change in control.
Parag Agrawal not just has the golden parachute clause in his contract with Twitter but he also holds some shares in the company.
Parag holds a little over 128,000 Twitter shares, which are now worth around $7 million at the price Musk is paying.
Vijaya Gadde, the legal and policy chief of Twitter and who has also been fired by Musk, is set to get a severance package of $12.5 million.
Combined, it is safe to say that Parag Agrawal is likely to get around $50 million, whereas Gadde may get around $45 million to start with.