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Business News/ News / World/  Elon Musk has to pay Parag Agrawal this massive amount upon termination
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Elon Musk has to pay Parag Agrawal this massive amount upon termination

Parag Agrawal’s Twitter bio still says he is the CEO of the company.

Parag Agrawal’s Twitter bio still says he is the CEO of the company. (Photo by Lionel BONAVENTURE and JIM WATSON / various sources / AFP) (AFP)Premium
Parag Agrawal’s Twitter bio still says he is the CEO of the company. (Photo by Lionel BONAVENTURE and JIM WATSON / various sources / AFP) (AFP)

After Elon Musk acquired Twitter, prominent executives were said to have left the company, including CEO Parag Agrawal. CFO Ned Segal, Vijaya Gadde and Sean Edgett are all leaving, according to sources with knowledge of the matter who wanted to remain anonymous.

Agrawal’s Twitter bio still says he is the CEO of the company. While there is no official confirmation yet, media reports suggest that Musk has terminated the former’s employment. Agrawal received a remuneration package in November 2021 that included a $1 million yearly salary, bonuses, as well as performance-based stock units and restricted stock units worth a combined $12.5 million. According to the New York Times, Agrawal stands to earn $60 million if Musk fires the IIT Bombay graduate from the post of CEO.

The 38-year-old executive's brief time as CEO of the social media behemoth was difficult and chaotic even though Agrawal - when he was chosen CEO of Twitter in November 2021 - joined a rapidly-expanding club of Indian executives ascending to the top of multinational firms.

Also Read: Elon Musk tweeted THIS after securing Twitter deal

Agrawal became a part of Twitter when the company had fewer than 1,000 employees in 2011. While finishing his doctoral work in computer science at Stanford, he joined the company as an engineer. Agrawal progressed inside the organisation and was appointed Twitter's CTO in 2017. Agrawal, who was seen as a protégé of Twitter co-founder Jack Dorsey, took over as CEO of the company when Dorsey resigned. Dorsey said his trust in Agrawal as the Twitter CEO was “bone deep".

Elon Musk started to matter for Twitter only a few months after taking the CEO position. Insiders said, as per NYT, that it was Agrawal who worked with bankers and board members to close Twitter’s sale to Musk, even though the world's richest man had made barbed comments about the company.

Also Read: Elon Musk, world’s richest, took bank loans to finance Twitter deal

(With agency inputs)

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ABOUT THE AUTHOR
Sounak Mukhopadhyay
Sounak Mukhopadhyay, who also goes by the name Sounak Mukherjee, has been producing digital news since 2012. He's worked for the International Business Times, The Inquisitr, and Moneycontrol in the past. He's also contributed to Free Press Journal and TheRichest with feature articles. He covers news for a wide range of subjects including business, finance, economy, politics and sports. Before working with digital news publications, he worked as a freelance content writer.
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Published: 28 Oct 2022, 11:42 AM IST
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