After closing his $44 billion purchase to acquire Twitter, billionaire Elon Musk terminated Twitter CEO Parag Agrawal on Friday.
But according to reports, the senior executive won’t be going home empty-handed. According to the reports, Agrawal will fully vest all of his unvested equity awards as part of the agreement.
This implies that he will earn an estimated $42 million, according to research firm Equilar, reported by Reuters.
The estimate includes valuation adjustments of all stock awards and a year’s worth of base pay for Parag. According to Twitter’s proxy, when Agrawal was the chief technology officer, his total salary was $30.4 million. In addition, Agrawal was reportedly paid $1 million a year as the CEO.
Parag Agrawal started as the CEO of Twitter in November 2021
After co-founder Jack Dorsey abruptly left his position in November of last year, Parag Agrawal acquired the company’s leadership. However, the entrance of Musk as a significant stakeholder and an increasingly vocal critic of the company’s existing leadership quickly ended Agrawal’s tenure as CEO.
Elon Musk and Parag Agrawal had not been on good terms, and indeed none of it was hidden from the public eye. Parag Agrawal was unlikely to continue with his job after Musk’s involvement.
Musk stated that he “does not have confidence in management” in one of his filings regarding the agreement.
Elon Musk acquired control of Twitter on Friday after an expensive court dispute with the social media site. Musk had canceled the acquisition agreement in July, alleging Twitter had misled him about the total number of bot accounts on its network.
On October 17, Musk and Twitter were scheduled to square off in Delaware’s Court of Chancery; Twitter planned to ask the judge to order Musk to finalize the $44 billion deal. But earlier this month, Musk suggested moving forward with his first $44 billion offer and asking for Twitter’s lawsuit to be dropped.