Tags: twitter severance payouts | elon musk

Top Twitter Executives to Leave With $100 Million Payout

Top Twitter Executives to Leave With $100 Million Payout
Twitter headquarters in San Francisco (AP)

By    |   Friday, 28 October 2022 12:14 PM EDT

Three top Twitter Inc. executives who billionaire Elon Musk has fired after acquiring the social media platform Thursday, will collect $100 million in severance and equity payouts, Bloomberg reports.

Chief Executive Officer Parag Agrawal — who has been in the position for less than a year, and Twitter for nearly a decade — will get roughly $50 million, according to calculations by Bloomberg. Chief Financial Officer Ned Segal and legal chief Vijaya Gadde, will receive, respectively, $37 million and $17 million.

Marketwatch, citing filings with the Securities and Exchange Commission, estimates the payouts could actually be double, i.e. $200 million, due to a clause in the merger agreement giving the executives accelerated vesting of promised future stock rewards.

The three are among a number of top Twitter directors leaving following the change in ownership, according to people familiar with the matter.

Like top executives at other publicly traded companies, company policy entitles Agrawal, Segal and Gadde to a year’s salary in severance and cash-outs of unvested equity, following any acquisition in which they were to lose their jobs. Each will also receive a year’s worth of health insurance, costing $31,000 apiece.

A Twitter spokesperson did not immediately respond to a Bloomberg inquiry for comment.






 

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StreetTalk
Three top Twitter Inc. executives who Elon Musk has fired after acquiring the social media platform Thursday, will collect $100 million in severance and equity payouts, Bloomberg reports.
twitter severance payouts, elon musk
204
2022-14-28
Friday, 28 October 2022 12:14 PM
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