The shocking amount that Elon Musk will have to pay to the executives he fired from Twitter

Shocking figure that Elon Musk will have to pay
Image courtesy of La Patilla – Shocking figure that Elon Musk will have to pay

Elon Musk already owns Twittersomething he has done a few hours before the deadline established by a Maryland judge.

US billionaire Elon Musk took control of the platform on Thursday, October 27, and immediately fired the company’s CEO, CFO and general counsel, according to people familiar with the situation.

So far it was not known if the agreement paperwork had already been signed, which was valued at $44 billion, or if it had been closed. However, Musk just took over Twitter after a tumultuous few months in which he offered to buy it, then tried to back out of the deal, was sued by Twitter, and ultimately agreed to buy it back.

Now in charge of the platform, Musk is expected to reorganize the company and reduce the number of employees. Although the amount of the cuts planned by Musk is not clear. Any move is expected to include most of the social network’s management, people familiar with the acquisition deal told Insider.

However, sources confirmed that on Thursday night, he had already sacked CEO Parag Agrawal; CFO Ned Sagal and General Counsel Vijaya Gadde.

Shocking figure that Elon Musk will have to pay

The dismissal by Elon Musk would cause the tycoon to pay the executives a staggering compensation figuren. And it is that, through the “change of control” clauses set forth in the employment contracts for senior officials, they will receive a certain amount of compensation and an automatic acceleration of their actions. Of course, this will be done as long as the CEO of Tesla fire them. These clauses are published in the regulatory documents.

Agrawal, CEO of the platform, will receive the highest compensation, of $38.7 milliondue in large part to the fact that all of his actions are reversed after his dismissal.

For his part, Ned Segal, chief financial officer of Twitter, would receive 25.4 million dollars for his dismissal; Vijaya Gadde, the legal director, $12.5 million; and Sarah Personette, the client director, $11.2 million.

Shocking amount that Elon Musk will have to pay to Twitter executives
Image courtesy of Cadena 3 – Shocking figure that Elon Musk will have to pay to Twitter executives

In the months between Musk taking an investor stake in the company and becoming its new owner, Twitter executives have been largely silent to the public. When Agrawal tried to reprimand Musk in April for some comments about the platform, he made Musk turn on him and announce his intention to acquire the company. But, it seems that now Musk will have to pay Agrawal on his way out.


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