The three top Twitter executives that Elon Musk fired on Thursday will walk away with about $187 million from the billionaire’s pocket. Former CEO Parag Agrawal, former CFO Ned Segal and former chief legal officer Vijaya Gadde were fired after the mogul took control of the company on Thursday, according to a source familiar with the situation.
They would have received a large portion of that money even if they had remained under the new ownership – they and other shareholders will receive payments from Elon Musk after he bought their shares for $54.20 each.
Agrawal, who took over as CEO just under a year ago, had the smallest equity stake of the three: 155,000 shares worth $8.4 million at the price paid by Elon Musk. Segal will get $22 million for the 406,000 shares he owns, while Gadde will get $34.8 million for his 642,000 shares.
In addition, they also receive “Golden Parachute Compensation” in the merger agreement approved by the shareholders. This includes a year’s base salary of $1 million for Agrawal and $600,000 each for Segal and Gadde. They will also receive a year of health insurance, worth about $73,000 split between the three of them.
The most profitable part, by far, is the accelerated acquisition of shares that they would receive in the future but for which they have not yet qualified. That will end up being worth $56.4 million for Agrawal, $43.8 million for Segal, and $19.4 million for Gadde. Agrawal and Segal get the accelerated acquisition of all of their shares, while Gadde gets the accelerated acquisition of only half of their shares.
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