Chief Executive Officer Parag Agrawal, who was said to be fired after Elon Musk completed his takeover is poised to receive around $50 million in severance and payouts.
Agrawal, who had stepped into the role less than a year ago, is eligible to receive the huge sum, while Chief Financial Officer Ned Segal and Vijaya Gadee, head of legal, policy and trust, are in line for about $37 million and $17 million each, respectively, according to calculations by Bloomberg News.
BREAKING: Elon Musk fires Twitter CEO Parag Agrawal and CFO Ned Segal.— Watcher.Guru (@WatcherGuru) October 28, 2022
The three were among the top Twitter executives to depart after the world’s richest man took the helm at the social media giant.
According to the terms of the company’s policy, Agrawal and his lieutenants were entitled to severance equal to a year’s salary and cash-outs if Twitter was bought and they lost their jobs in the process.
This Apart, Twitter must also cover their health insurance premiums for a year, amounting to about $31,000 each.
According to reports, being the CEO, Agarwal was reportedly paid $1 million a year.
Parag joined Twitter in 2011, and since October 2017, he started working as the chief technology officer, where he was in charge of the firm's technical strategy.
Just made $42 million in less than a year and y’all talking shit about Elon firing me. Who cares lol— Not Parag Agrawal (unemployed) (@NotParagAgrawal) October 28, 2022
After Twitter's co-founder Jack Dorsey left his position in November 2021, he took his position.
On the other hand, Elon Musk tweeted, “The bird is freed,” after he took ownership of Twitter Inc with brutal efficiency. The Tesla founder said he wants to prevent the platform from becoming an echo chamber for hate and division.
Musk’s other goals include efforts to "defeat" spam bots and make the algorithms that determine how content is presented to its users publicly available.
However, Musk has not offered details on how he will succeed in his plans and who will run the company. Earlier, a report said, he had plans to cut jobs, leaving Twitter's 7,500 employees fretting about their future.
(With inputs from Bloomberg)