A lot of changes are about to come up on Twitter. According to a news report that has been published by NDTV, the top three executives of Twitter Inc. are about to be fired after Elon Musk completes his takeover proceedings. It is poised to accumulate above $100 million as severance and payouts for equity awards that were granted previously.
The CEO of Twitter, Parag Agrawal who has been handling this position for almost to be a year now, is about to make an exit. On the basis of the calculations made by Bloomberg News, he is eligible to receive roughly around $50 million. Whereas Ned Segal, the Chief Financial Officer shall be receiving $37 million, and, Vijaya Gadde, the head of legal policy and trust will get $17 million, respectively.
As Musk took over Twitter on Thursday, these three are among those few other members who are about to make the exit, as has been stated by the experts. When Musk who also happens to be the richest person in the world takes control of the post of the CEO on this platform, the term of holding the post for these three prominent members comes to an end.
Just like it happens to the leaders of big public companies, Agrawal along with his two other colleagues is liable to a severance which is about a year’s worth of salary, and cash-out awards of unvested equity, as stated in the terms of Twitter. Even their health insurance premium of up to a year shall be covered by Twitter which is around $31,000 for each of them.
Critics are of the view that the bosses unfairly grant the glided packages of exit while on the other hand, the employees who lose their jobs due to a buyout are hardly able to get a soft landing space. The defenders have a different view though. They say that instead of being worried about if the executives shall be replaced when they struck a deal, it is more relevant to leave it to the executives to decide what is best for the shareholders.
Agrawal, who is now 38 years of age and has been on Twitter for almost ten years actually brought an increase in the funds of the shareholders of Twitter that Musk shall be able to reap the benefits of. Yet Musk is of the view that it is all about a noble cause of helping humanity.
The CEO of Tesla who shall hold the corner suit at Twitter presently has given hints that he would bring in the former president of America, Donald Trump into this platform once again. There has been a mixed reaction all over the world about the exit of Agrawal and the taking over of Twitter by Musk. It is about time now for the world to see how this giant platform runs from here on and where things finally lead to.