According to research firm Equilar, if Twitter Inc CEO Parag Agrawal was fired within 12 months of a change in leadership at the social media business, he would get an estimated $42 million.
Elon Musk, the billionaire, agreed to buy Twitter for $44 billion on Monday, ending the business’s stint as a public company, which began in 2013.
Musk expressed his dissatisfaction with Twitter’s management in a securities filing on April 14.
Based on Musk’s offering price of $54.20 per share and terms in the company’s latest proxy statement, Equilar’s estimate includes a year’s worth of Agrawal’s base salary plus accelerated vesting of all equity awards, according to an Equilar spokesman.
Equilar’s estimate was met with silence from a Twitter spokesperson. In November, Agrawal, who had previously served as Twitter’s chief technical officer, was named CEO. According to Twitter’s proxy, his total compensation for 2021 was $30.4 million, primarily in stock awards.
Parag Agarwal attended Atomic Energy Central School and Junior College No.4 for his secondary and senior secondary education.
IIT Bombay awarded Agrawal a Bachelor of Technology degree in computer science and engineering in 2005. He came to the United States the next year to earn a PhD in computer science at Stanford University under Jennifer Widom’s supervision. His doctoral thesis, “Incorporating Uncertainty in Data Management and Integration,” was published in 2012.
Prior to joining Twitter as a software engineer in 2011, Agrawal worked as a research intern at Microsoft Research and Yahoo! Research. Following the retirement of Adam Massinger, Twitter announced the appointment of Agrawal as chief technology officer in October 2017. Twitter CEO Jack Dorsey stated in December 2019 that Agrawal would be in charge of Project Bluesky, a project to design a decentralized social network protocol.
Dorsey announced his resignation as CEO of Twitter in November 2021, with Agrawal taking over immediately.
Agrawal received $1 million in annual remuneration as CEO, as well as $12.5 million in stock compensation.
In a company-wide town hall meeting, Agrawal addressed his employees. Musk will hold a question-and-answer session with employees at a later date, according to the business.
Agrawal was asked about the prospect of layoffs, the justification for the transaction by the Twitter board, and Musk’s intentions for the firm during the town hall meeting. Many questions were deferred by Agrawal as being ones that Musk should be answered.
Employees at Twitter have been in a state of limbo for weeks, ever since Musk revealed his offer to buy the social networking firm. Musk is a frequent Twitter user who frequently criticizes the firm from his account, and many people rejected his early attempts to purchase the company as a joke. However, Musk was able to arrange funding to complete the transaction, causing the board to seriously examine his offer.
Musk has stated that he believes Twitter should be a free expression platform. Employees questioned Agrawal if former US President Donald Trump, who was banned from Twitter permanently last year, would be able to return after Musk took charge.
There were no layoffs planned, according to Agrawal.
The arrangement with Musk prioritized “operating continuity” until the acquisition was closed, according to Bret Taylor, the chair of Twitter’s board of directors.
Employees at Twitter have been in a state of limbo for weeks, ever since Musk revealed his offer to buy the social networking firm. Musk is a frequent Twitter user who frequently criticizes the firm from his account, and many people rejected his early attempts to purchase the company as a joke. However, Musk was able to arrange funding to complete the transaction, causing the board to seriously examine his offer.
