- Monday, May 06, 2024
By: Shubham Ghosh
Three of microblogging site Twitter Inc.’s top executives who were said to be removed after Elon Musk took over the platform, are set to gain more than $100 million (£86.3 million) in severance and payouts of equity awards that were granted previously, Bloomberg reported.
Parag Agarwal, who took over as Twitter’s chief executive officer (CEO) less than a year ago, is eligible to get around $50 million (£43.1 million), as per calculations by Bloomberg News.
Ned Segal, chief financial officer, and Vijaya Gadde, head of legal, policy and trust, were also set to get $37 million (£32 million) and $17 million (£14.6 million), respectively.
The three were among major Twitter executives to exit the company after Musk took control of the social media giant on Thursday (27), informed sources told Bloomberg. It marked the end of public and legal wrangling that went for more than six months and Musk, the world’s richest person, now seizing the CEO’s job.
He changed his Twitter bio into “Chief Twit”.
Agarwal and others were entitled to severance equal to one year’s salary and cash-outs of unvested equity awards if Twitter was bought and they lost their employment in the process, according to the company’s severance policy.
Twitter will also cover their health insurance premiums for a year, amounting to about $31,000 each, the Bloomberg report added.
