- Elon Musk is all close to buying the micro-blogging platform Twitter.
- Twitter CEO Parag Agrawal will reportedly get $42 million if he is terminated by Musk.
- Musk had earlier claimed that he does not have confidence in the management and threatened to pay the board $0 in salary.
Elon
Musk is all set to become the
owner of Twitter as the board prepares to accept his offer to buy the company. Musk has reportedly reached an agreement with the company to acquire it for around $44 billion.
Musk has been against the board ever since he made the offer to buy the company. In the US Securities and Exchange Commission (SEC) filing, Musk had said that he doesn’t have confidence in the management and threatened to pay $0 in salary to the board members if buys the company.
Parag Agrawal, the chief executive of the company will likely be terminated once Musk acquires the social media giant. According to research firm Equilar, Agrawal will get around $42 million if he is terminated within 12 months of a change in control.
Transform talent with learning that worksCapability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More Equilar has included Agrawal’s base salary for a year and the accelerated vesting of all equity awards. This is calculated based on Musk’s $54.20 per share offer and the company’s recent proxy statements.
At the moment it is not clear how long it will take for the acquisition process to be completed. Musk has not revealed his plans for the company, but we expect the Tesla cofounder to make major changes to the platform.
Soon after announcing that he has acquired a 9.2% stake in the company, Musk started
running polls on Twitter, asking his followers to give their opinions about matters like freedom of speech on the platform, as well as the highly-requested edit button.
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