Parag Agrawal could receive a huge $42 million payout if Musk terminates him

As we know Elon Musk has formally bought Twitter and if it will not be blocked by any regulatory bodies, the world’s richest man will own a social media platform as big as Twitter. Already he previously expected his desire to get Twitter but he would actually do it no one expected it.

Once the transaction is completed Twitter will be become a privately held company rather being public as it used to be. Already Elon expressed his desire to change thing at Twitter and make it a better social media platform by bringing important updates, so it could even stir the people who actually operate the company from inside out.

This includes the fact that the recently voted Indian CEO Parag Agrawal could be dethroned from his position as Twitter’s CEO. And if it happens, latest reports say that he will receive a massive $42 million payout as according to his clause he would be terminated within 12 months of a change in control at the social media company.

Bret Taylor, Twitter’s Independent Board Chair, said, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

Parag Agrawal, Twitter’s CEO, said, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” said Mr. Musk. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”

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