Twitter’s CEO Parag Agrawal is set to receive an approximated figure of $42 million if he has to relinquish his role as Twitter’s CEO within 12 months after the acquisition of the company by Elon Musk is completed.
Elon Musk’s offer to buy Twitter for $44 billion or $54.20 per share was accepted on Monday by the company’s board and is only subject to regulatory approvals and shareholders’ decision. The deal is, however, in green light for Elon Musk.
Elon Musk, who in the past has criticized Twitter for hindering free speech said in a securities filing filed on the 14th of April that he did not have confidence in Twitter’s management. This hints at a possibility that the company’s CEO and possibly other key executives could be terminated once the deal to acquire Twitter by Elon Musk is completed.
Twitter has been running as a public company since 2013. Elon Musk who is acquiring 100 percent of the company has plans to privatize the company. According to him, this would help with his goal of making his dream Twitter – one that promotes free speech.
According to research firm Equilar, the “compensation” that’ll be received by Parag Agrawal if terminated under Elon Musk’s leadership includes a year’s worth of his base salary and accelerated vesting of all equity awards based on Musk’s offering price of $54.20 per share and terms in the company’s recent proxy statement.
Before taking the role of CEO, Parag Agrawal was the company’s chief technology officer. Before joining Twitter in 2011 as a software engineer, Parag Agrawal had worked in other big names. He interned at Yahoo, AT&T, and Microsoft and went on to hold leadership positions in the aforementioned companies. Described as hardworking and reliable, he was chosen to replace Adam Massinger as the company’s Chief Technology Officer. In 2019, he was entrusted with Project Bluesky, an initiative to develop a decentralized social network protocol. Jack Dorsey said Parag Agrawal was his lead choice of replacement “for some time given how deeply he understands the company and its needs.”
Twitter is yet to comment on Equilar’s estimate of how much Parag Agrawal will receive if terminated.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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