Twitter executives are set up to potentially cash in massively on Elon Musk’s purchase of the platform.
If Musk terminates CEO Parag Agrawal, he is looking at a $38.7 million pay package, according to Hollywood Reporter.
Former CEO Jack Dorsey owned 2.4 percent of stock in the company, or about 18,042,428 shares, which will payout to roughly $978 million.
“But other Twitter executives could see cash payouts as well, should they be terminated or if Musk installs his own management team. CEO Parag Agrawal, who succeeded Dorsey late last year, as well as CFO Ned Segal, have so-called ‘Change in Control’ clauses in their contracts, according to Twitter’s latest proxy filing. Agrawal’s clause specifically cites his reporting to the ‘board of directors of a publicly-traded entity,’ meaning any deal to take Twitter private would trigger the clause.” the report explains.
“If Musk terminated their employment, Agrawal would be in line for a $38.7 million pay package, with Segal receiving a $25.5 million package. They would also need to meet ‘non-solicitation, non-disparagement and confidentiality conditions,'” according to the report from the Hollywood Reporter. “Meanwhile, Twitter board chair Bret Taylor is in line to receive a cash payout just over $3 million, while former board chair Omid Kordestani will receive a $50.6 million payout.”
In November, when Dorsey stepped down as Twitter CEO, Agrawal took over the company.
In a 2020 interview Agrawal said of Twitter, “Our role is not to be bound by the First Amendment.”
Former CTO and new Twitter CEO Agrawal in November 2020 interview: “Our role is not to be bound by the First Amendment… focus[ing] less on thinking about free speech, but thinking about how the times have changed.”
— Disclose.tv (@disclosetv) November 29, 2021
Unlike Agrawal, Musk has made it clear that he supports free speech for the platform.
Agrawal has also shown his contempt for white men.
“If they are not gonna make a distinction between muslims and extremists, then why should I distinguish between white people and racists.”
— Parag Agrawal (@paraga) October 26, 2010