The three top Twitter executives that Elon Musk fired upon taking over the company will walk out with $187 million in their accounts.
Former CEO Parag Agrawal, Former CFO Neg Segal and Former General Counsel Vijaya Gadden were removed when Musk took control of the company.
The Executives would have received a large sum of money had they stayed on board in the new administration, they and other shareholders will receive payments from Musk after he bought their shares for $54.20 each.
Agrawal, who took over as CEO of the company a little less than a year ago, had the smallest shareholding of the three: 155,000 worth $8.4 million at the price Elon paid, Segal is to receive $8.4 million. 22 million for the 406,000 shares he owns, while Gadde Se will walk away with $34.8 million for 642,000 shares.
They also receive compensation in the event of dismissal under a clause of the merger agreement approved by the shareholders includes:
One year base salary: $1 million for Agrawal
$600,000 for Segal and Gadde, includes $73,000 worth of health insurance for the three of them.
The most lucrative part, by far, is the accelerated acquisition of shares that they were going to receive in the future, but to which they were not yet entitled, the value of these shares is US$56.4 million for Agrawal, US$43, 8 million for Segal and US$19.4 million for Gadde.
Agrawal and Segal would get an accelerated vesting of all of their shares while Gadde would get an accelerated vesting of only half of their shares.
The sum of the compensation payments amounts to US$ 121.8 million, if we add it to the 65.2 million for the acquisition of the shares they already own, we obtain US$ 187 million.
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