Twitter CEO Parag Agrawal to receive $42 million if sacked after Elon Musk's takeover

By Team Newsable | First Published Apr 26, 2022, 12:53 PM IST

In November, Agrawal, who had previously served as Twitter's chief technical officer, was named CEO. According to Twitter's proxy, his total remuneration for 2021 was $30.4 million, primarily in stock awards.

Twitter Inc CEO Parag Agrawal would get an estimated $42 million if he were fired within 12 months of a change in power at the social media business, according to media reports. On Monday, entrepreneur Elon Musk agreed to acquire Twitter for $44 billion, thereby terminating the business's existence as a public corporation since 2013.

Musk stated his dissatisfaction with Twitter's management in a securities filing on April 14. In November, Agrawal, who had previously served as Twitter's chief technical officer, was named CEO. According to Twitter's proxy, his total remuneration for 2021 was $30.4 million, primarily in stock awards.

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Also Read: Elon Musk's $44 billion Twitter purchase sparks off Tweetstorm

Twitter is not the most popular social site — it has more than 217 million daily users, compared to billions for Facebook and Instagram — but it has played a disproportionate role in influencing global narratives. Political leaders have used it as a megaphone, while corporations, celebrities, and others have utilised it to develop their image and brand.

Musk described free expression as the core of a functional democracy in his response following the Twitter Board's decision. Musk promised to make Twitter better than before, referring to it as a "digital town square" where important issues affecting humanity's future are debated.

Also Read | Elon Musk strikes $44 billion deal to buy Twitter, wants to make it 'better than ever'

He promised that additional features will be added to Twitter, such as'making the algorithms open source to promote confidence, combating spambots, and authenticating all people.' Reiterating that the platform has enormous potential, the billionaire stated that he looks forward to working with the firm and the user community to realise Twitter's full potential.

Also Read: Takeover Timeline: How Elon Musk won Twitter in just 31 days

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