Parag Agrawal will reportedly get $42 million as severance after being fired as Twitter CEO
Parag Agarwal
As soon as the Tesla owner and billionaire Elon Musk acquired Twitter, he immediately fired the firm's CEO Parag Agarwal, and two other top executives.
However, as per media reports, the senior executive won't be leaving empty-handed. Agarwal will get all of his 100 per centunvested equity awards, Bloomberg reported.
Reuters cited that the awards to be givenimply that he will receive an estimated amount of $42 million, as per research conducted by Equilar.
Also read |Elon Musk now in charge of Twitter, fires CEO Parag Agrawal, other top executives: Report
According to reports, being the CEO, Agarwal's total compensation was $30.4 million and he was reportedly paid $1 million a year for his position.
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.
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After Twitter's co-founder Jack Dorsey left his position in November 2021, he took his position.
However, after Musk's involvement in buying Twitter, it was doubtfulthat he'll keep his job. There were reports that soon after Musk made his desire to buy the social media firm, the CEO will be fired.
During the lawsuit, Musk and Agarwal had acontentious exchange during the deal process.
As per sources cited in by Insider, Twitter and Musk formally agreed to take the company private on Thursday (October 28) night by paying $54.20 per share or approximately $44 billion.
It's just been a few hours since the takeover and some topexecutives have already left, where will the firm stand in future?
(With inputs from agencies)
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