As the news related to the current state of Twitter is under discussion, Elon Musk sacked Parag Agrawal who was the former Chief Executive Officer of Twitter. But even though Parag Agrawal has been revoked from his Chief Executive Officer post he will be getting a handsome hefty amount as severance pay.
Elon Musk is the chief executive officer of Telsa and after a long-month saga, he took over the company and immediately out of nowhere announced piece of great news that Para Agrawal would be revoked from his current Chief Executive Officer post on Twitter. Indeed the termination news was not a decision that was made in the spur of the moment but Elon Musk was speculating about this for a long period of time.
As per the company policy, the severance pay of the company would be $42 million and it would be the amount that Parag Agrawal would be getting. After being full of twists and turns finally, Elon Musk acquired what he was looking for over a long saga of the period. A big history of rivalry between Elon Musk and Parag Agrawal finally witnessed its end. Parag Agrawal was really in anticipation for this day to arrive since the news related to the acquisition of the company was over their head.
Elon Musk the New CEO of Twitter
The discussion over the company’s takeover was started long before and finally, everyone got the answers over the discussion and Elon Musk’s takeover of the company. Within minutes of his takeover, things turned pretty upside down as Elon Musk did what he was speculated to do ever since discussion sprouted related to the acquisition of the company. And as Elon Musk has been speculating several things to do, he first decided to fire the top Twitter executives. And the result was the firing of Parag Agrawal from his chief executive post.
Other than Parag Agrawal, Vijaya Gadde who is the company’s legal head and policy maker, and Nel Segal chief financing officer were also fired from their respective executive posts since the new officer’s amendments.
As per sources, Parag Agrawal’s base salary for a year is estimated at around $54.20 by vesting all equity awards within the salary. In the company’s proxy statement Elon Musk stated all the details regarding the salary and severance pay that he offered as a part of the new amendments that he has brought to the company’s policy.
Parag Agrawal the former CEO of Twitter
As per sources, Parag Agrawal became the Chief executive officer of Twitter in November when Jack Dorsey decided to step down from his role of being the CEO. The total compensation company provided for Jack Dorsey in 2021 was estimated at $30.4 million. This severance pay was paid to Jack Dorsey in stock awards. And by following the termination of Parag Agrawal the long-decade of relationship with Twitter has witnessed its end. Parag Agrawal joined Twitter when the company was at its nascent stage, struggling to become at its best with around a thousand employees only at the helm. Moreover, Parag Agrawal and other members of the company were already expecting their terminations when the smoking news of the acquisition of the company was serious.
The Flame That Was Burning Between Parag Agrawal and Elon Musk
It was so certain that when Elon Musk would become the CEO of Twitter he would definitely fire Parag Agrawal. The flame that really led to the conflagration between Elon Musk and Parag Agrawal was when Twitter came to the shore after their struggle, Elon Musk found unapologetically that Twitter management is indeed incompetent. Elon Musk in order to make his stance more precise he showed the leaked chats and this was testimony to the fact Elon Musk detested Parag Agrawal to the core and was really trying to find a way to get rid of him.
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Elon Musk often tried to make fun of Parag Agrawal and via his leaked chats he vehemently mocks Parag Agrawal for even holidaying in Hawaii. Elon Musk truly and adamantly believed that Parag Agrawal does not deserve to sit in the seat of chief executive officer and he is not worthy enough to run Twitter.
Before Elon Musk had planned to buy Twitter, he exchanged chats that clearly depict the fact that how much he despises Parag Agrawal and his actions. “What did you get done this week, I am not joining the board. This is a waste of time. Will make an offer to take Twitter private”. This was a text that was sent by Elon Musk to Parag Agrawal.
Elon Musk did not even acknowledge the former chief executive officer Jack Dorsey and he had even written messages which questions about the dealing Jack Dorsey has with Parag Agrawal. The leaked chats accentuate the fact that Jack Dorsey vehemently tried to make things right between Elon Musk and Parag Agrawal but in vain. Just because Elon Musk criticized the competency of Twitter what is the sole reason for their rivalry is not known. Why Elon Musk had to do such a nasty decision and why he is still harboring vehement hatred toward Parag Agrawal is up in the air.
“You and I are in complete agreement. Parag is just moving far too slowly and trying to please people who will not be happy no matter what he does” this was a text that was sent by Elon Musk to Jack Dorsey and he ceased his actions to reconcile the two magnets who always repel.