Elon Musk bought Twitter, but removal of CEO Parag Agarwal will cost him $42 million
New Delhi: The founder of Tesla and the world's richest businessman Elon Musk now also owns the social media microblogging platform Twitter. Ever since Twitter was bought by Elon Musk, there has been speculation that the company's current CEO Parag Agarwal may be shown the way out of the company. However, now a research firm has estimated that if Elon Musk throws Parag Agarwal out of the company, then he will have to shell out millions of dollars in compensation.
According to research firm Equilar, Twitter CEO Parag Agarwal will receive an estimated $42 million if he is terminated within 12 months of the change in control of the social media company. Equilar's estimate includes Agarwal's basic salary as well as all equity money. Musk's offering price is $54.20 per share, said an Equilar spokesperson. However, a Twitter representative declined to comment on Equilar's estimate.
Twitter CEO Parag Agarwal told employees - 'The future of the company is uncertain due to the arrival of Elon Musk'
Let us tell you that on Monday, billionaire Elon Musk made a deal to buy Twitter for $ 44 billion. With this, Twitter, which has been operating as a public company since 2013, will now become a private company. Elon Musk said in a securities filing on April 14 that he did not trust Twitter's management.
Parag Agarwal was previously the Chief Technology Officer of Twitter. He was made CEO in November. According to Twitter, Parag Agarwal was given $30.4 million for 2021.