Twitter Takeover | CEO Parag Agrawal Will Get $42 Million If Made To Leave After Musk Deal: Report
The projection is based on Musk’s offering price of $54.20 per share and terms in the company's recent proxy statement.
New Delhi: After Twitter agreed to Elon Musk’s final takeover bid on Monday, it is estimated that CEO Parag Agrawal would get $42 million within a year if there is a change in control at the social media company, according to research firm Equilar.
Billionaire Elon Musk struck a deal to buy Twitter for $44 billion, which will end the social media giant's run as a public company since 2013. In a securities filing on April 14, Musk had expressed that he did not have confidence in the company’s management.
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The Deal For CEO Parag Agrawal
The estimate of $42 million combines Agrawal's base salary for a year, including accelerated vesting of all equity awards, news agency Reuters reported, quoting an Equilar spokesperson. The projection is based on Musk’s offering price of $54.20 per share and terms in the company's recent proxy statement.
Agrawal, who held the position of Twitter's chief technology officer, was made its CEO in November 2021. His total compensation for 2021 was $30.4 million, according to Twitter's proxy, largely in stock awards.
The Tesla CEO has stressed that he wanted to own and privatise the company because he thinks it’s not living up to its potential as a platform for free speech.
The deal has come through almost two weeks after the billionaire first revealed a 9 per cent stake in the platform. Musk said last week that he had lined up $46.5 billion in financing to buy Twitter, putting pressure on the company’s board to negotiate a deal.
ALSO READ: Future Of Twitter Uncertain, Says CEO Parag Agrawal After Elon Musk Closes Deal: Report
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