- Elon Musk is anticipated to make essential changes to Twitter’s ranks, and layoffs are potential.
- The current CEO and CFO had been ousted on Thursday night time. Other execs are anticipated to go away too.
- Each will receive a large payday ought to they be fired by Musk.
Musk merely took over Twitter after a tumultuous few months whereby 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 reduce the workforce.
Although the amount of Musk’s meant cuts is unclear, any such switch is anticipated to embrace most of Twitter’s C-suite, of us accustomed to the acquisition deal have knowledgeable Insider. On Thursday night time, the CEO, CFO, and top lawyer had been already gone.
Getting fired by Musk will potential give the executives some of the largest payouts they’ve ever seen. Through “change in control” provisions in employment contracts for top administration, they might 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 observed 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 licensed officer, will go away with $12.5 million.
Sarah Personette, the chief purchaser officer, would get $11.2 million.
In the months between Musk taking a large 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 quickly turning on him and saying his intent to take over the agency. Now Musk will potential have to pay Agrawal on the means out.
Are you a Twitter employee or one other individual with notion to share? Contact Kali Hays at [email protected], on protected messaging app Signal at 949-280-0267, or by way of Twitter DM at @hayskali. Reach out using a non-work system.