Elon Musk has finally acquired Twitter after a months-long and twisty saga. Within minutes of his acquisition, Musk fired top Twitter executives, exactly what was speculated since the acquisition was discussed for months. Parag Agrawal, the company’s CEO, and Vijaya Gadde, its legal head, and policymaker, were the first top executives terminated. The former Twitter CFO Ned Segal, who joined the company in 2017, was also fired for deceiving Elon Musk and investors about fake Twitter accounts, as was Sean Edgett, Twitter’s general counsel since 2012. The top executives are reportedly being escorted out.
Elon Musk tweeted, “the bird is freed”.
Agrawal, who was appointed as CEO of Twitter in November 2021, will, however, leave as a wealthy man. Reports say Agrawal will receive the largest payout, $42 million, mainly due to his equity shares vesting upon termination.
Parag Agrawal, 36, a graduate of the Indian Institute of Technology Bombay and Stanford University, joined Twitter more than a decade ago when there were fewer than 1,000 employees. He was named Twitter’s CEO in November of last year following the resignation of its co-founder, Jack Dorsey.
In addition to Parag Agrawal, other top executives who were terminated by Elon Musk will also receive millions of dollars.
The chief financial officer at Twitter, Ned Segal, is expected to receive $25.4 million in compensation; Sarah Personette will receive $11.2 million after her termination.
Vijaya Gadde, its chief legal officer, will receive $12.5 million.
Gadde, 48, was also criticized by Musk for her role in content moderation decisions, the report said. Former US President Donald Trump’s Twitter account was permanently suspended in January last year, under the direction of Hyderabad-born Gadde, after his supporters attempted to insurrection at the US Capitol.
As Musk reorganizes Twitter, He is now planning to become Twitter’s CEO. He is already the CEO of Tesla Inc. and SpaceX. In addition, Musk plans to reverse lifetime bans on users, according to Bloomberg. He is anticipated to cut the workforce by a huge amount.
There were earlier reports that Musk is planning to fire 75 percent of Twitter employees, or 5,600 people, around the world. In a tweet earlier this month, Musk casually mentioned laying off Twitter staff without specifying a number.
However, the billionaire made it clear to Twitter employees during his visit to the company’s headquarters that he would not lay off 75 percent of its employees.
Still and all, Twitter employees are still worried about the expected layoffs caused by Musk’s takeover. They wrote an open letter to the board of directors and Musk criticizing the plan to lay off 75 percent of the employees.
Ahead of Twitter’s launch, Elon Musk pledged to end spam bots, keep the social network from becoming a spattering ground for hate and division, and make the algorithm open-source.
As Elon Musk entered Twitter HQ on Thursday (October 27), he shared a video of his entry with the caption “Entering Twitter HQ – let that sink in!”.”
Musk shared his motivation for purchasing Twitter as well as his thoughts on advertising on social media in a note addressed to Twitter advertisers. Musk said Twitter was not purchased to make money, nor was it easy.
As he wrote, “I bought Twitter because I believe that a common digital town square will encourage a healthy debate of many different viewpoints, without resorting to violence,” is critically important to civilization.
The CEO of Twitter said he would maintain content moderation even as he aimed to serve humanity. “Twitter obviously cannot become a free-for-all hellscape, where nothing has consequences,” he declared.