one of the richest people in the world, Elon Muskhas finally sealed the deal by buying Twitter, making it one of the biggest tech deals ever. Obviously, the deal has caused a stir in the entire industry, raising billions of questions all around. A major string of questions is: What will happen to current Twitter CEO Parag Agarwal? Can he still stay in the company? What would be his powers? What if he leaves?
Twitter takeover: What does this mean for CEO Parag Agarwal?
According to a research firm Equilar, if Elon Musk plans to terminate the current CEO of Twitter, Parag Agarwal, he will more precisely walk out with $42 million (about Rs 320 crore). However, this will only happen if Agarwal is sacked within 12 months of the change in control of the company.
Elon Musk had previously expressed a lack of confidence in Twitter’s management.
Twitter has a purpose and relevance that affects the entire world. Deeply proud of our teams and inspired by work that has never been more important. https://t.co/5iNTtJoEHf
— Parag Agarwal (@paraga) April 25, 2022
Notably, if Parag Agarwal is terminated, he will be the shortest-serving CEO of Twitter, with a tenure of less than six months.
After the Twitter-Musk Deal: Layoffs?
The Kasturi deal has also stirred up feelings of fear, hope and panic. as reported by ledgeBefore the deal became official, CEO Agarwal set up a virtual all-hands call with his employees to inform them about the finalization of the Musk deal. He announced that “at this time” there are no layoffs planned. He further agreed that “there is really uncertainty about what will happen once the deal closes. We don’t know which direction the platform will go once the deal is done.”
Agarwal has confirmed that he will continue to be the company’s CEO until the deal closes, however, he did not specify what would happen after that. The independent chairman of the board, Brett Taylor, has announced that Twitter’s board will be dissolved after the deal closes.
Twitter CEO Parag Agarwal could receive $42 million if the Elon Musk deal ends after it first appeared on BGR India.