Twitter Inc CEO Parag Agrawal would get an estimated $42 million if Billionaire Elon Musk sacks him within 12 months of a change in control, according to research firm Equilar
Twitter Inc CEO Parag Agrawal would get an estimated $42 million if Billionaire Elon Musk sacks him within 12 months of a change in control, according to research firm Equilar.
Billionaire Elon Musk, who struck a deal to buy Twitter for $44 billion on Monday had said in a securities filing on April 14 that he did not have confidence in Twitter's management team. This opens up the distinct possibility of the CEO being ousted.
Twitter will no longer be a publicly traded company and will be run as a privately owned firm by Musk.
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.
Agrawal was Twitter's chief technology officer before he was appointed CEO in November. His total compensation for 2021 was $30.4 million, according to Twitter's proxy, largely in stock awards.
A Twitter representative declined to comment on Equilar's estimate.
According to a Reuters report, the Twitter CEO told employees on Monday that the future of the social media company is uncertain after the deal with Elon Musk closes. He was speaking to a town hall meeting.
"Once the deal closes, we don't know which direction the platform will go," Reuters cited Agrawal as saying.
Musk will join Twitter staff for a question-and-answer session at a later date, the company told employees.