Former Twitter CEO Parag Agrawal To Receive $42 Million After Departure

Twitter has a new chief - the SpaceX and Tesla founder Elon Musk! As soon as Musk walked into Twitter's office carrying a sink, he started making changes to the company's leadership.

This meant former Twitter CEO Parag Agrawal had to go. Both Agrawal and Musk have been locked into a battle over bot accounts on Twitter. While Elon Musk claims that Twitter grossly underreports its bot problem, Twitter claims that not even Elon Musk's personal team found inconsistencies in bot data. Regardless, the saga is coming to a close.

Reuters

Soon, Elon Musk will install a new board of directors to get more control of the company. Parag Agrawal's stint as Twitter CEO was rather short-lived. When Jack Dorsey relieved himself of top duties at Twitter, Parag Agrawal was appointed CEO in November last year.

the bird is freed

¡ª Elon Musk (@elonmusk) October 28, 2022

How much money is Parag Agrawal getting from Twitter?

With Musk's buyout now complete, Parag Agrawal has been fired. And it turns out, the man is walking away with a big pay cheque - $42 million, to be exact. According to Bloomberg, Agrawal's exit deal will vest 100% of his unvested equity awards.

Uncredited

Research firm Equilar told Reuters that this means Agrawal will make about $42 million. This estimate includes a year's worth of Agrawal's base salary, and also the vesting of all equity awards. As the CEO of Twitter, Agrawal's salary was $1 million annually. Before that, he was the chief technology officer.

Also read: Elon Musk Is Now 'Chief Twit' Of Twitter: What Happens To Your Personal Data?

Musk became a major shareholder of Twitter shortly after Dorsey's departure, causing a lot of strain between Agrawal and Musk. In a filing, Musk said that "he does not have confidence in management."

Reuters

During the lawsuit, we got to see multiple text message exchanges between Elon Musk and Parag Agrawal after the former Tweeted - "is Twitter dying?"

On April 9, Agrawal had written to Musk, saying - "You are free to tweet ¡®is Twitter dying?¡¯ but it¡¯s my responsibility to tell you that it¡¯s not helping me make Twitter better in the current context."

Also read: Was Elon Musk Right? Internal Documents Show Twitter's Losing Its Heaviest Users

Naturally, Musk responded, asking Agrawal - "What did you get done this week?"

What do you think - did Elon Musk do the right thing by firing Parag Agrawal? Let us know in the comments below. For more in the world of technology and science, keep reading Indiatimes.com.

References

Chitre, M. (2022, October 28). Parag Agrawal likely to receive $42 million following exit from Twitter: Report. Hindustan Times. https://www.hindustantimes.com/world-news/parag-agrawal-likely-to-receive-42-million-following-exit-from-twitter-report-101666923071559.html

Bloomberg. (2022). Twitter CEO Among Top Executives Departing as Musk Takes Over. https://www.bloomberg.com/news/articles/2022-10-28/twitter-ceo-among-top-executives-departing-as-musk-takes-over

Dang, S., & Roumeliotis, G. (2022b, October 28). Elon Musk¡¯s Twitter ownership starts with firings, declares the ¡°bird is freed.¡± Reuters. https://www.reuters.com/markets/deals/elon-musk-completes-44-bln-acquisition-twitter-2022-10-28/