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Sunday, December 10, 2023

Twitter CEO Parag Agrawal may get $42M if fired after Elon Musk deal

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Elon Musk has struck a deal to acquire Twitter.Twitter CEO Parag Agrawal would receive $42 million if he will be fired after the acquisition.

On Monday, entrepreneur Elon Musk agreed to buy Twitter for $44 billion, thereby terminating the business’s existence as a public company since 2013.

According to research firm Equilar, Twitter Inc CEO Parag Agrawal would receive an estimated $42 million if he were fired within 12 months of a change in power at the social media business.

Musk expressed his lack of confidence in Twitter’s management in an April 14 securities filing.

According to an Equilar spokesman, the estimate comprises a year’s worth of Agrawal’s base pay plus accelerated vesting of all stock awards, based on Musk’s offering price of $54.20 per share and clauses in the company’s latest proxy statement.

A spokesman from Twitter declined to comment on Equilar’s assessment.

Agrawal had previously served Twitter as its chief technical officer. But, in November, he was named CEO and his overall pay for 2021 was $30.4 million, primarily in stock awards, according to Twitter’s proxy.

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