Research firm Equilar estimated that means he’ll make an estimated $42 million, Reuters reported. As part of the deal, the CEO will vest 100% of his unvested equity awards, according to a filing. Parag Agrawal won’t be leaving empty-handed. I did it to try to help humanity, whom I love," Elon Musk wrote. "I didn't do it because it would be easy. "There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide our society". Then he posted a message for Twitter advertisers in which he said he acquired Twitter because the future of civilisation must have a "common digital town square". Agrawal and Segal were in Twitter’s San Francisco headquarters when the deal closed on Friday morning (AEDT. “What did you get done this week?” Elon Musk took a public swipe at Parag and also was in two minds about the deal as he wrote, "I’m not joining the board this is a waste of time." Elon Musk's visit to Twitter headquarters, message to advertisersĪ day before the deal was complete, Elon Musk visited the Twitter headquarters and changed his bio to 'Chief Twit'. Elon Musk is making big changes after completing his deal to buy Twitter. "You are free to tweet ‘is twitter dying?’ or anything else about Twitter,” Parag Agrawal wrote, "but it’s my responsibility to tell you that it’s not helping me make Twitter better in the current context." Elon Musk has completed his acquisition of Twitter, and as expected, the Tesla founder fired four top executives at the company, including CEO Parag Agrawal.Musk’s decision is not surprising given he has publicly accused Agrawal of misleading him on the number of spam-bot accounts. "I don’t have confidence in management," Musk said in one early filing about the deal. Elon Musk and Parag Agrawal had much bad blood between them and none of it was hidden from the public eye as the lawsuit made their acrimonious message exchanges public. Elon Musk doubted ex-Twitter CEO Parag Agrawal from the start because he was too nice: ‘What Twitter needs is a fire-breathing dragon’. The takeover of the social media platform by the world's richest person concludes a long legal battle and months-long enmity between Elon Musk and former Twitter leadership. Agrawal has been working with Twitter for almost a decade and was the chief technology officer before stepping into the CEO role. Parag Agrawal became the CEO of Twitter in November following the resignation of Twitter co-founder Jack Dorsey. At least one of the executives who was fired was escorted out of Twitter’s office, the NYT report said. These include cases by former employees and contractors alleging the company fired them without adequate notice and by several vendors who are accusing the company of not paying bills on time.According to the New York Times, the top officials, including Parag Agrawal, were fired as soon as the deal was complete. Twitter has become the subject of multiple lawsuits after Musk became its owner. Elon Musk took shots at Twitter on Saturday, and dared CEO Parag Agrawal to debate him in the midst of a legal battle over a 44 billion acquisition gone awry. At that time Bloomberg reported that these execs had an exit package of more than $100 million. The filing says that Twitter “breached the agreements and contravened the bylaws” by not paying the former employees.Īfter Elon Musk took over Twitter last October, he immediately fired Agrawal, Gadde and Segal. The plaintiffs wrote to Twitter multiple times demanding the reimbursement, but they just got acknowledgment receipts in response, the document added. The document lists a number of legal battles and government probes these execs were involved in over the years as defendants. Chief Executive Officer Parag Agrawal is among executives planning to depart as Elon Musk completes his 44 billion deal to take over. “This action seeks an expedited ruling requiring Defendant to comply with its obligations to advance legal fees and expenses relating to ongoing litigation and investigations,” the lawsuit says. The lawsuit, filed in Delaware Chancery Court, alleged that Twitter has to pay more than $1 million to the former executives for legal bills they incurred while at the company to respond to requests by the Department of Justice and Securities and Exchange Commission. The deal was closed on October 27, with Musk immediately becoming Twitters new owner and CEO. Former Twitter employees, including ex-CEO Parag Agrawal, ex-legal head Vijaya Gadde and ex-CFO Ned Segal, have sued the social network over alleged unpaid legal reimbursements.
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