Elon Musk to pay more than $200 million to fired Twitter execs

Senior Twitter Inc. executives may have passed for carrying bags of Elon Musk’s money as they left the company’s San Francisco offices on Thursday.

In Twitter’s TWTR merger with Musk’s X Holdings, CEO Parag Agrawal, CFO Ned Segal and legal policy director Vijaya Gadde were all given “golden parachute” clauses. According to Twitter’s filing with the Securities and Exchange Commission, Musk must hand over to those three more than $204 million of the $44 billion he paid to officially acquire control of the social network Thursday night after firing Twitter. the three.

Parag Agrawal, Segal and Gadde own about 1.2 million shares of Twitter, and Gadde has a $34.8 million stake in the company. Musk would buy out the roughly $65 million stake held by the trio just like any other shareholder would.

The largest sum of money comes from the accelerated award of future stock compensation, which was also accounted for in the merger agreement. The “Golden Parachute Compensation” provision in Twitter’s SEC filing, the deal Twitter shareholders approved, shows that, upon termination, the three would automatically grant $119.6 million worth of shares as severance pay, with Agrawal receiving the largest payment of $56 million. .

A year’s income, as well as health benefits, are also your entitlements. Agrawal’s base salary was $623,000 in 2021, while Segal and Gadde each received a base salary of $600,000.

Gadde is expected to leave Twitter with the largest sum of money in total: around $74 million. However, Agrawal and Segal are not far behind, with respective earnings of around $65 million and $66 million.

The sum that Musk, who is also the CEO of Tesla Inc. TSLA, +0.20% and the world’s richest man, agreed to pay for Twitter shares in April was $54.20; however, the stock is up 26% from the previous month and ended Thursday at $53.70.

Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS

— Elon Musk (@elonmusk) October 27, 2022

Elon Musk Twitter deal closes

The world’s richest person, Elon Musk, has completed his $44bn (£38.1bn) takeover of Twitter, according to a firm investor.

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Several top executives, including CEO Parag Agrawal, are said to have been sacked. It concludes a saga in which Twitter went to court to force the billionaire to abide by the terms of a takeover deal he had tried to avoid.

Musk stated on Twitter that his interest in the company was not motivated by a desire to make money. Today he said in a tweet ‘the bird is free’.

Elon Musk and the Twitter saga

The Tesla CEO’s buyout concludes a six-month saga in which Twitter initially rejected Musk’s buyout offer and then sued the billionaire after he indicated he would back out of the deal over concerns about spam accounts and whistleblower reports. on lax cybersecurity practices.

Musk’s interest in the platform has become a flash point in the debate over free speech in the digital age. Many conservatives have hailed Musk’s inauguration as a corrective to Big Tech’s censorship of politically incorrect views. Critics have raised concerns that Musk’s reign could spell open season for hate speech and misinformation.

Musk, who describes himself as a “free speech absolutist,” criticized Twitter’s moderation policies and opposed censorship that exceeds legal requirements. Musk announced in May that he would reinstate the Twitter account of former US President Donald Trump, which had been suspended for allegedly inciting violence following the January 6 riots at the US Capitol.

What was Elon Musk’s plan for Twitter?

Earlier, in a March tweet, Musk described himself as a “free speech absolutist.” Musk tweeted last January, three days after President Trump was suspended from Twitter for “risk of further incitement to violence” following the January 6 insurgency, “A lot of people are going to be very unhappy with the high tech of the west coast as the de facto medium. arbitrator of freedom of expression.

Musk’s hardline rhetoric on free speech contradicts Twitter’s recent evolution in this area. In 2018, the site came under fire after an MIT study found that misinformation spread faster on Twitter than true news. Since then, the company has increased its efforts to combat hate speech and increase user safety, including allowing users to flag false information. The controversial Libs of TikTok Twitter account was twice suspended for “hateful conduct,” and the company announced last week that it would ban ads that challenge widely accepted climate change research.

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However, misinformation, propaganda, and extremist views are still prevalent on the site, particularly regarding the Russian invasion of Ukraine. While Musk has declared that hate speech will be banned, he has yet to define the gray areas, and it appears that looser policies for content moderation may lead to more toxic behavior that Twitter has been trying to stamp out for years.

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