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  Business   Companies  26 Apr 2022  Twitter CEO set to receive $42 million if sacked after Musk deal

Twitter CEO set to receive $42 million if sacked after Musk deal

REUTERS
Published : Apr 26, 2022, 10:43 am IST
Updated : Apr 26, 2022, 10:43 am IST

Musk in a securities filing on April 14 had said he did not have confidence in Twitter’s management

Twitter Inc CEO Parag Agrawal (Twitter)
 Twitter Inc CEO Parag Agrawal (Twitter)

Twitter Inc CEO Parag Agrawal would get an estimated $42 million if he were terminated within 12 months of a change in control at the social media company, according to research firm Equilar.

On Monday billionaire Elon Musk struck a deal to buy Twitter for $44 billion, ending its run as a public company since 2013.

Musk in a securities filing on April 14 had said he did not have confidence in Twitter’s management.

Equilar’s estimate includes a year’s worth of Agrawal’s base salary plus accelerated vesting of all equity awards, an Equilar spokesperson said, based on Musk’s offering price of $54.20 per share and terms in the company’s recent proxy statement.

A Twitter representative declined to comment on Equilar’s estimate.

Agrawal, previously Twitter’s chief technology officer, was named CEO in November. His total compensation for 2021 was $30.4 million, according to Twitter’s proxy, largely in stock awards.

Tags: elon musk, parag agrawal, twitter takeover