Twitter’s 3 Fired Executives’ Total Compensation Worth $122 Million: Equilar

Three high executives of Twitter fired by new proprietor Elon Musk stand to obtain separation payouts totaling some $122 million (almost Rs. 1,000 crore), analysis agency Equilar mentioned on Friday.

Musk fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and authorized affairs and coverage chief Vijaya Gadde, in response to individuals acquainted with the matter. He had accused them of deceptive him and Twitter traders over the variety of faux accounts on the platform.

In an electronic mail to Reuters, Equilar, recognized for its analysis on govt compensation, valued Agrawal’s so-called “golden parachute” at $57.4 million (almost Rs. 470 crore), whereas Segal’s was $44.5 million (almost Rs. 370 crore) and Gadde’s was $20 million (almost Rs. 160 crore).

Twitter representatives didn’t instantly reply to questions.

Agrawal, beforehand Twitter’s chief expertise officer, was named CEO final November. His complete compensation for 2021 was $30.4 million (almost Rs. 250 crore), in response to a Twitter securities submitting, largely in inventory awards.

Major payouts to executives tied to adjustments accountable for an organization are frequent to clean possession transitions however might be controversial.

Twitter’s submitting states that “In the case of a Change of Control event, we believe that these arrangements assist to maximize stockholder value and maintain executive focus in the immediate period prior to, during and after the Change of Control event.”

Payouts would come with one hundred pc of an govt’s annual base wage, healthcare premiums, and accelerated vesting of fairness awards, the submitting states.

Equilar director of analysis Courtney Yu mentioned the fired Twitter executives “should be getting these payments unless Elon Musk had cause for termination, with cause in these cases usually being that they broke the law or violated company policy.”

Agrawal and Segal had been in Twitter’s San Francisco headquarters when the deal closed and had been escorted out, the sources added.

Meanwhile, Musk has indicated he sees Twitter as a basis for making a “super app” that gives all the pieces from cash transfers to buying and ride-hailing.

© Thomson Reuters 2022