Finance

Twitter CEO set to receive $42 million if he continuous in his position after Musk deal

Twitter Inc CEO Parag Agrawal would get an estimated $42 million if he were terminated within one year of a change in control at the twitter which is leading social media company, According to a research firm. On Monday billionaire Elon Musk struck a deal to buy Twitter for $44 billion, ending its run as a public company from 2013.Musk in a securities filing on April 14 had said he did not have confidence in Twitter’s management. As data from a research institute estimate includes a year’s worth of Agrawal’s base salary plus accelerated vesting of all equity awards, an Equilar spokesperson said, based on Musk’s offering price of $54.20 per share and terms in the company’s recent proxy statement.

A Twitter representative declined to comment on Equilar’s estimate. Agrawal, previously Twitter’s chief technology officer, was named CEO in November. His total compensation for 2021 was $30.4 million, according to Twitter’s proxy, largely in stock awards.

Musk, who is the world’s richest person and chief executive of electric carmaker Telsa Inc, accused San Francisco-based Twitter of rushing the trial to obscure the truth about spam accounts and to “railroad” him into buying the company. The two sides will make their arguments about the trial’s proposed start date to a Delaware Court of Chancery judge on Tuesday.

The New York Post reported on Monday that Musk’s lawyers are planning to countersue Twitter to gather more information about spam accounts. Shares of Twitter have fallen from more than $50 per share when the deal was announced in April to below $33 a share last week. Twitter’s stock closed with $38.41, profit up 1.8%.

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