For Twitter’s senior executives, being dismissed by Elon Musk will be a very profitable move.
After a turbulent few months during which he made an offer to buy Twitter for $44 billion, tried to back out of the agreement, was sued by Twitter, and finally agreed to buy it again, Musk recently assumed control of the social media platform. Musk is anticipated to restructure the company and reduce staff now that he is in charge.
People familiar with the purchase agreement have told Insider that any such move is expected to include the majority of Twitter’s C-suite, though the precise number of Musk’s targeted layoffs is unknown. The CEO, CFO, and top lawyer had already left on Thursday night.
Musk’s firing of the managers will probably result in some of the biggest rewards they’ve ever seen. If Musk fires them, they will be entitled to a set amount of severance pay and an automatic acceleration of their shares under “change in control” clauses in their employment contracts. The clauses are made public in regulatory filings.
The largest payout of $38.7 million will go to Agrawal, who witnessed Musk turn against him months earlier. This is largely because all of his shares have vested.