Jack Dorsey, the Twitter co-founder and former CEO, stands to pocket $978 million as soon as Elon Musk completes his takeover of Twitter.
Bloomberg through Getty Photographs
Jack Dorsey, the co-founder of Twitter who stepped down as CEO final yr, stands to pocket $978 million as soon as Tesla CEO Elon Musk completes his $44 billion takeover of the social media platform.
Parag Agrawal, the present chief govt of the San Francisco-based tech big, will go house with a $42 million payday because of the transaction, Reuters is reporting.
Dorsey owns 2.4% of the corporate, which interprets into 18,042,428 shares, in keeping with SEC filings.
Twitter’s board of administrators accepted Musk’s provide to purchase the corporate at $54.20 per share.
Agrawal, the previous chief expertise officer who succeeded Dorsey as CEO late final yr, can be because of obtain a payout of $42 million whereas one other Twitter govt, CFO Ned Segal, would go house with a $25.5 million pay bundle.
Agrawal and Segal’s payouts can be triggered by a so-called “change in management” clause of their contracts which kicks in if both of them is terminated inside 12 months of latest possession assuming the helm of the corporate.
In SEC filings, Musk has acknowledged that he didn't have faith in Twitter’s present administration — which possible means Agrawal, Segal, and different prime executives might be out as soon as possession adjustments fingers.
Analysis agency Equilar estimated Agrawal’s payout by factoring in a yr’s value of his base wage plus accelerated vesting of all fairness awards, an Equilar spokesperson instructed Reuters, primarily based on Musk’s providing value of $54.20 per share and phrases within the firm’s current proxy assertion.
Agrawal, beforehand Twitter’s chief expertise officer, was named CEO in November. His complete compensation for 2021 was $30.4 million, in keeping with Twitter’s proxy, largely in inventory awards.
Dorsey on Monday evening known as Musk’s $44 billion takeover of the social media platform the “proper path” for the corporate.
“Elon’s objective of making a platform that's ‘maximally trusted and broadly inclusive’ is the fitting one,” Dorsey tweeted.
Dorsey additionally thanked Musk and Agrawal “for getting the corporate out of an inconceivable state of affairs.”
“That is the fitting path…I imagine it with all my coronary heart,” wrote Dorsey, who stepped down as CEO of Twitter in November.
Dorsey endorsed Musk’s imaginative and prescient, saying that working Twitter as an organization “has at all times been my sole difficulty and my greatest remorse” and that “Taking it again from Wall Road is the right first step.”
“In precept, I don’t imagine anybody ought to personal or run Twitter,” he tweeted. “It desires to be a public good at a protocol stage, not an organization. Fixing for the issue of it being an organization nonetheless, Elon is the singular resolution I belief. I belief his mission to increase the sunshine of consciousness.”
Musk, whose large deal was accepted by Twitter on Monday, mentioned he wished to buy Twitter to restore the platform’s adherence to free speech rules.
With Publish Wires
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