PARAG AGGARWAL FIRED AS TWITTER CEO
- Telsa President Elon Musk assumed control of Twitter after a long and arduous battle.
- Musk immediately dismissed Twitter, the CEO Parag Agrawal, policy chief Vijaya Gadde, and the CFO Nel Segal.
- According to the company's policy, Parag Agrawal will reportedly get $42 million from Twitter.
Tesla Chief Executive Officer Elon Musk has finally bought Twitter following a lengthy tale of twists and twists. Within minutes of acquiring Twitter, Musk did what he was expected to do the entire time when the acquisition was in the news and fired the senior Twitter executives. The CEO, Parag Agrawal, the company's legal director, policymaker Vijaya Gadde, and CFO Nel Segal were among the first executives to be fired from the business. But Agrawal, named Twitter CEO in November 2021, will quit as a wealthy man. According to sources, Agrawal can take home the sum of $42million from Twitter in the event of his termination within 12 months after the change of control.
The research company Equilar calculated Agrawal's salary base for the year, as well as his "accelerated grant of any equity", the spokesperson for the company said to Reuters in an announcement. The estimate was also based on the value Musk suggested, $54.20 per share, and the terms of the proxy statement.
Agrawal was appointed the chief executive officer for Twitter in November of last year after the chief executive Jack Dorsey stepped down from his post. His salary in 2021 totalled $30.4 million and was distributed to him via stock and other awards. After Agrawal's demise, his ten years-long affiliations with Twitter ended. He joined Twitter when the company was in its infancy stage, with fewer than 1000 employees in its top management.
Agarwal's departure was expected at the time that talks of Musk buying Twitter first began to surface. Musk was adamant that Twitter management was incompetent. The leaked conversations proved that he did not like Agarwal and would like to rid himself of Agarwal when he bought Agarwal.
ELON MUSK VERSUS PARAG AGRAWAL
The acquisition of Twitter's Social Media platform from the world's wealthiest person ends a long legal battle and months-long conflict between Elon Musk and the former Twitter company's leadership. Elon Musk and Parag Agrawal were a bit sour between them, and none of it was concealed from the public's view as the lawsuit exposed their heated conversations. "I don't trust the management of Twitter," Musk said in an early document regarding the settlement. "You can tweet "is twitter dying?" and other things about Twitter," Parag Agrawal wrote, "but it's my responsibility to let you know the fact that this isn't helping me to make Twitter better in its current environment."
ELON MUSK'S TRIP TO TWITTER HEADQUARTERS AND MESSAGE TO ADVERTISERS
One day before the acquisition was signed, Elon Musk visited the Twitter headquarters and changed his profile to "Chief Twit". He then posted an email to Twitter advertisers, declaring that he bought Twitter as it is the only way to ensure that civilisation's next phase needs to be based on a "common digital square". "There is a real danger that social media may split into far right and echo chambers of the far left that create more hate and divide society".
"I did not do it since it was simple. I didn't do it in order to increase my income. I did it in order to aid humanity, which I cherish," Elon Musk wrote.
WHAT'S PARAG AGRAWAL'S STORY?
Parag Agrawal isn't leaving empty-handed. In the course of the agreement, the CEO will receive the entirety of his non-vested equity awards, per an announcement. Research firm Equilar estimates that the CEO will earn an estimated $42 million from the deal, Reuters reported.
It's not clear what method Musk will use to fund the deal. This year, Musk secured some debt financing from various investment banks. He also received the support of some prominent investors, including venture capitalists and tech CEOs.
The cryptocurrency exchange Binance, One of the first backers, was confirmed by CNBC the previous day that it's an equity shareholder in Musk's Twitter acquisition.
"We're happy to assist Elon create a new direction for Twitter. We're hoping to play a part in the integration of the world of social media as well as Web3 together to increase the application and use of crypto and blockchain technology." Binance CEO Changpeng Zhao stated in an announcement.
Web3 is a term the technology industry employs to describe the next generation of the internet.
Musk wrote a message this week to assure users that the social messaging service will not turn into "a free-for-all hellscape in which anyone can say anything without consequence!"
"The reason I joined Twitter is that the future of our civilisation needs to have a digital town square where all kinds of views can be debated in a civil manner without resorting to violence," Musk said in the message. "There is a real danger that social media may split into extreme right-wing echo chambers and left-wing echo rooms that create more hatred and create a divide in our society."
Musk was at the Twitter office earlier this week with an unfinished sink. He also documented the visit on Twitter and wrote, "Entering Twitter HQ - let it sink in!"
Musk has also changed his Twitter name to "Chief Twit."