Twitter is now Elon Musk’s property. The social network was purchased by Musk for about $44 billion. With this, he fired top executives as soon as he took ownership of the social media platform on Thursday. Elon Musk has dismissed the company’s Indian-origin CEO Parag Agrawal, CFO Ned Segal, as well as head of legal affairs and policy Vijaya Gadde.
This week Musk changed his Twitter handle to “Chief Twit” and posted a video of himself entering the company’s California offices while holding a sink. “Let that sink in!” he tweeted.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
Reportedly some of the employees who were not willing to work with Mus have already quit. On the other hand, Elon Musk started off his ownership by terminating Twitter’s CEO Parag Agrawal, CFO Ned Segal, and head of legal and policy Vijaya Gadde. According to him, they have deceived him and Twitter’s investors over the prevalence of fake accounts on Twitter. The company’s CEO is still included on Agrawal’s Twitter bio. Although there has not yet been an official confirmation. If Musk removes Agarwal from his position as CEO, Agrawal may earn $60 million, according to the New York Times.
Musk has not yet provided any details on how he plans to run or lead the social media platform. However, he has stated that he intends to make employment cuts, which has caused concern for the 7,500 or so employees of Twitter.
Parag Agarwal joined Twitter in the year 2011 as a software engineer. He was earlier positioned as the Chief Technology Officer while completing his computer science PhD at Stanford. Agrawal rose through the ranks of the company and was named CTO of Twitter in 2017. When Twitter co-founder Jack Dorsey stepped down as CEO, Agrawal took the position of CEO.
In November 2021, Agarwal earned a pay package that includes a $1 million annual salary. The package further included bonuses, performance-based stock units, and restricted stock units worth a total of $12.5 million. Prior to this he also worked with other popular tech firms like Microsoft, Yahoo and AT&T Labs.
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