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April 26, 2022Jack Dorsey, the co-founder of Twitter who stepped down as CEO last year, stands to pocket $978 million once Tesla CEO Elon Musk completes his $44 billion takeover of the social media platform.
Parag Agrawal, the current chief executive of the San Francisco-based tech giant, will go home with a $42 million payday as a result of the transaction, Reuters is reporting.
Dorsey owns 2.4% of the company, which translates into 18,042,428 shares, according to SEC filings.
Twitter’s board of directors accepted Musk’s offer to buy the company at $54.20 per share.
Agrawal, the former chief technology officer who succeeded Dorsey as CEO late last year, would be due to receive a payout of $42 million while another Twitter executive, CFO Ned Segal, would go home with a $25.5 million pay package.
In SEC filings, Musk has stated that he did not have confidence in Twitter’s current management — which likely means Agrawal, Segal, and other top executives will be out once ownership changes hands.
Research firm Equilar estimated Agrawal’s payout by factoring in a year’s worth of his base salary plus accelerated vesting of all equity awards, an Equilar spokesperson told Reuters, based on Musk’s offering price of $54.20 per share and terms in the company’s recent proxy statement.
Agrawal, previously Twitter’s chief technology officer, was named CEO in November. His total compensation for 2021 was $30.4 million, according to Twitter’s proxy, largely in stock awards.
