$44-Billion Elon Musk-Twitter Deal: Even as Twitter CEO Parag Agrawal has been ousted after the social media giant has been taken over by Elon Musk, Agrawal will get $38.7 million largely due “to the entirety of his shares vesting upon his firing”, according to a report by Insider. It added that Twitter’s Chief Financial Officer Ned Segal will receive $25.4 million, while its Chief Legal Officer Vijaya Gadde is set to get $12.5 million after firing.
Twitter Chief Customer Officer Sarah Personette will get $11.2 million. In all, the top executives of Twitter will get a total of $88 million, according to the Insider report.
Elon Musk Twitter Deal Timeline: From March To October, Here’s What Happened
Tesla CEO Elon Musk faced a court-ordered October 28 deadline to close his $44-billion deal for the social media platform. He visited Twitter’s headquarters in San Francisco on Wednesday and hinted he was the company’s top boss after updating his profile bio to “Chief Twit”.
Equity investors, including Sequoia Capital, Binance, Qatar Investment Authority and others, had received the requisite paperwork for the financing commitment from Musk’s lawyers.
The deal’s completion would mark an end to a lawsuit by Twitter, which, along with investors, now expects the deal to be completed on its original terms of $54.20 per share.
Musk and Twitter have been going back-and-forth with their discussions, which at one point was close to being cancelled from Musk. But, the fact that Elon Musk and Co. were sued in a US Court seems to have prompted him to come back to the table and get the deal through once and for all. Earlier on Thursday, Musk visited the Twitter HQ with a sink in his hand, and made a cheeky comment, “Let that sink in.”
On April 4, 2022, Twitter came out with a public statement that Musk has taken a 9.2 per cent share of the company, working out to around $2.9 billion based on March 4 share price. Next day, on April 5, 2022, Twitter CEO Parag Agrawal announced that Elon Musk was appointed to Twitter’s board in a series of tweets.
In a major u-turn, later that week, Twitter’s CEO announced he would not be joining the social media firm’s board. The disclosure from Agrawal follows a series of unusual tweets from Elon Musk over the same weekend in which he wondered aloud to his over 80 million followers if Twitter was dying, citing low frequency of tweets from some of the most popular personalities on the social network.
Elon Musk made an offer to buy the whole company, Twitter, at $54.20 per share at $43 billion on April 14. He filed the offer with the SEC and tweeted a copy of the official offer.
(With Inputs From Agencies)
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