Twitter CEO Parag Agrawal is among the executives who plan to leave when Elon Musk completes his $44 billion deal to take over the social network, according to people familiar with the matter.
Also out of Vijaya Gadda, head of legal, political and trust affairs; financial director Ned Segal, who joined Twitter in 2017; Y Sean Edgett, who has been a general counsel at Twitter since 2012, according to people familiar with the matter, who did not want to be named because the information is not public.
What is Agrawal taking from Twitter?
Agrawal will not leave empty-handed. As part of the agreementthe CEO will vest 100 percent of his unvested stock awards, according to the document. Research firm Equilar estimated that this means it will earn approx 42 million dollarsReuters reported.
It’s also a big win for a few outgoing twitter executives which will distribute severance pay and payouts in the approximate value of 100 million dollars.
The other side of the coin: for twitter investors making money, Musk’s deal is a big win.
Not only did they win 20 percent premium when Musk made his private offeringa, but also prevented the share price slump that hit rival social media giants.
‘Clean’ on Twitter: Elon Musk continues to lay off staff within the social network
Elon Musk has started firing employees at Twitter. People who identified themselves as Twitter employees were seen leaving the company’s headquarters San Francisco carry boxes with their belongings.
Internally, slack channels they were enlightened by suspicions that the people leaving were pulling a prank without actually being fired, insiders said.
Still, Musk scaled back and started just after a deal was struck Thursday with several executives, including the chief executive officer and chief financial officer, people familiar with the matter said.