Parag Agrawal (L) was in Twitter's San Francisco headquarters when the deal closed and was escorted out of the office.
Today Parag gained $42m, and Elon lost $33b. Let that sink in.— Scott Galloway (@profgalloway) 1666920724000
Elon Musk is Twitter Inc's new owner and reports suggest that soon after taking over, he fired the top brass of the company. The executives on Musk’s ‘hit list’ include CEO Parag Agrawal , CFO Ned Segal and legal affairs and policy chief Vijaya Gadde . The acquisition is full of twists and turns and involves a sum of $44 billion. However, these are not the only numbers that are associated with the deal. Reports suggest that Agrawal will gain millions in a severance package.As per multiple reports, Agrawal will get all of his 100% unvested equity awards. As per research conducted by Equilar, a data-driven solution provider for businesses, these awards will amount to roughly $42 million. The severance will be given if the company fires him within 12 months of taking the top role. Agrawal was appointed as the Twitter CEO in November 2021.Apart from spending $44 billion in acquiring the microblogging website, Elon took a further hit. The new Twitter boss has lost nearly $33 billion in valuation.Musk, who also 'owns' a few more companies, walked into Twitter's headquarters earlier this week with a big grin and carrying a porcelain sink. He tweeted "let that sink in" and changed his description in his Twitter profile to "Chief Twit", suggesting that he is ready to acquire the company.Just a few hours after this drama, Musk addressed advertisers in a letter assuring them the platform will "not become a free-for-all hellscape, where anything can be said with no consequences!"Musk refuted the idea of buying Twitter “to make more money” and said, “The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide Age of beliefs can be debated in a healthy manner, without resorting to violence. There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide our society.”