The top management of Twitter was fired as one of the billionaire Elon Musk’s first steps as the company’s new owner. CEO Parag Agrawal, who was chosen for the position by Jack Dorsey, the other co-founder of the business, in November of last year, is among those leaving. Vijaya Gadde, Twitter’s head of legal, policy, and trust, and two other top executives were also let go by Mr. Musk in addition to the CEO of Indian descent. Musk completed the $44 billion purchase of Twitter on Thursday, according to a story in the New York Times.
In April of this year, when Mr. Musk announced his intention to purchase Twitter, there was an immediate rumour that Mr. Agrawal would be let go. And research company Equilar had estimated how much he would receive in that scenario.
According to the company, Mr. Agrawal would receive an estimated $42 million (Rs 3,457,145,328) if he were fired within a year of the social media company changing hands.
According to news agency Reuters, Equilar’s estimate includes accelerated vesting of all equity awards as well as a year’s worth of Mr. Agrawal’s base income. The estimate was based on Mr. Musk’s $54.20 per share offering price.
In a securities filing on April 14, Mr. Musk expressed his lack of faith in Twitter’s management.
Previously serving as Twitter’s chief technology officer (CTO), Mr. Agrawal was appointed CEO in November 2016. According to a Reuters article, his total remuneration for 2021 was $30.4 million, the majority of which came through stock awards.
Mr. Agrawal, an IIT Bombay and Stanford alumnus, joined Twitter more than ten years ago when the firm had fewer than 1,000 employees.