Elon Musk completed Twitter deal; CEO and CFO fired and escorted from the building
Tesla and SpaceX owner Elon Musk has taken charge of the microblogging site Twitter and fired four top executives of the social media company, including CEO Parag Agarwal and legal executive Vijaya Gadde. The New York Times reported that Musk, the world’s richest man, closed the deal to buy Twitter on Thursday (October 27).
Elon Musk
CEO of Tesla Motors
- Born: 28 June 1971 (age 51 years), Pretoria, South Africa
- Children: X Æ A-12 Musk, Vivian Jenna Wilson, MORE
- Net worth: 21,960 crores USD (2022) Forbes
- Spouse: Talulah Riley (m. 2013–2016), Talulah Riley (m. 2010–2012), Justine Musk (m. 2000–2008)
- Education: University of Pennsylvania (1992–1997), MORE
- Parents: Errol Musk, Maye Musk
- Nationality: American, Canadian, South African
Musk tweeted “the bird is freed,” in an apparent reference to the deal closing.
the bird is freed
— Elon Musk (@elonmusk) October 28, 2022
The Twitter executives who were fired include 1, Parag Agrawal, 2, general counsel and the head of legal, policy, and trust Vijaya Gadde, 3, Chief Financial Officer Ned Segal, and 4, General Counsel Sean Edgett.
“At least one of the executives who was fired was escorted out of Twitter’s office,” the report said.
Elon Musk announced the purchase of Twitter on April 13 this year. He had offered to buy the social media platform for $44 billion at the rate of $54.2 per share. But then due to spam and fake accounts, he put Twitter deal on hold. After this, Twitter rejected the claim and responded with a lawsuit against the billionaire to force the deal. Recently, Delaware Judge Kathaleen McCormickordered Musk to complete and close the deal by 5 p.m. On Friday, October 28, but the Tesla CEO completed the deal a day before the deadline.
Parag Agrawal likely to receive $42 million
In April of this year, when Mr. Musk announced his intention to purchase Twitter, there was an immediate buzz that Mr. Agrawal will be fired. And research company Equilar had estimated how much he would receive in that scenario. The company had revealed that Parag Agrawal would get an estimated $42 million (INR 3,457,145,328) if he is terminated within 12 months of a change in control at the social media company.
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Equilar’s estimate includes one year’s worth of Mr. Agarwal’s basic salary and an accelerated vesting of all equity awards, reported Reuters news agency. This calculation was based on the Tesla CEO’s offer price of $54.20 per share.
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