Musk fired three Twitter executives for nearly $200 million! Will violent layoffs be the next step?

Musk to take over as Twitter CEO

Bloomberg sources said Musk plans to take over the CEO position from Agrawal and become the boss of the social network. However, Twitter, Musk and executives have not commented on the above information. Musk previously said he plans to lay off employees at Twitter, which made 7,500 Twitter employees tremble.

Musk's goals after acquiring Twitter

Tesla's CEO said he wants to prevent Twitter from becoming an echo chamber of hate and division. He also wants to "defeat" spam bots and will disclose the algorithms that surface content to users.

At the same time, Musk does not intend to remove advertising from Twitter. As the world's richest man said on Twitter to appease advertisers: there are no plans to remove the social network's review policy. After all, Twitter's advertisers account for 90% of Twitter's revenue.

Twitter financing plan

Musk has committed $46.5 billion in equity and debt financing for the acquisition, including the $44 billion purchase price. Banks including Morgan Stanley and Bank of America have committed $13 billion in debt financing for Musk.

How much money will Twitter executives get paid?

According to sources cited by multiple US media outlets, Musk fired Twitter CEO Parag Agrawal, CFO Ned Segal, and head of policy and legal affairs Vijaya Gadde.

Elon Musk will pay three fired Twitter executives approximately $187 million after Musk purchased Twitter's stock at $54.20 per share.

Specifically, Agrawal, who took over as CEO less than a year ago, owns the smallest stake of the three: 155,000 shares, valued at $8.4 million.

For his part, Segal will receive $22 million for the 406,000 shares he owns, while Gadde will receive $34.8 million for his 642,000 shares.

In addition, under a provision of the merger agreement approved by shareholders, all three executives will receive severance packages that include one year's base salary. Agrawal will receive $1 million, and Segal and Gadde will receive $600,000. In addition, they will receive one year's health insurance valued at $73,000.

The three executives will also receive accelerated stock awards in the future, valued at $56.4 million for Agrawal, $43.8 million for Segal and $19.4 million for Gadde.

It is worth noting that Agrawal and Segal got accelerated acquisition of all shares, while Gadde got accelerated acquisition of only half of the shares.

It is understood that these payments amounted to $121.8 million, in addition to $65.2 million to purchase shares they already owned, for a total of $187 million.

Editor ✎Estella/

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