- Elon Musk is anticipated to make important modifications to Twitter’s ranks, and layoffs are seemingly.
- The current CEO and CFO had been ousted on Thursday evening. Other execs are anticipated to depart too.
- Each will receive a big payday ought to they be fired by Musk.
Musk merely took over Twitter after a tumultuous few months throughout which he equipped to buy it for $44 billion, tried to once more out of the deal, was sued by Twitter and in the finish agreed to buy it as soon as extra. Now in price, Musk is anticipated to reorganize the enterprise and cut back the workforce.
Although the amount of Musk’s supposed cuts is unclear, any such switch is anticipated to embody most of Twitter’s C-suite, people conscious of the acquisition deal have knowledgeable Insider. On Thursday evening, the CEO, CFO, and top laywer had been already gone.
Getting fired by Musk will seemingly give the executives some of the largest payouts they’ve ever seen. Through “change in control” provisions in employment contracts for top administration, they could receive a certain amount of severance and an automatic acceleration of their shares, so long as Musk fires them. The provisions are disclosed in regulatory filings.
Agrawal, who seen Musk activate him months in the previous, is about to receive the largest payout of $38.7 million, due largely to the entirety of his shares vesting upon his firing.
Ned Segal, Twitter’s chief financial officer, is about to receive a $25.4 million payout for getting fired.
Vijaya Gadde, the chief approved officer, will depart with $12.5 million.
Sarah Personette, the chief purchaser officer, would get $11.2 million.
In the months between Musk taking a big investor stake in the agency and turning into its new proprietor, Twitter’s executives have remained largely silent in public. When Agrawal tried once more in April to chastise Musk for some of his public suggestions about the platform, it led to Musk shortly turning on him and saying his intent to take over the agency. Now Musk will seemingly have to pay Agrawal on the technique out.
Are you a Twitter employee or one other particular person with notion to share? Contact Kali Hays at [email protected], on secure messaging app Signal at 949-280-0267, or by manner of Twitter DM at @hayskali. Reach out using a non-work gadget.