Elon Musk Is Cutthroat. He Has Fired Top Twitter Execs "For Cause" Which Voids $122M Stock Payouts Which Were Due TOMORROW
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"Elon Musk has dismissed four top executives at Twitter “for cause” in order to avoid having to pay them eight-figure severance packages, according to a report.
Immediately after completing the acquisition of Twitter on Thursday, Musk fired four top executives at the site — CEO Parag Agrawal; CFO Ned Segal; Chief Legal Officer Vijaya Gadde; and General Counsel Sean Edgett.
Musk reportedly terminated the executives “for cause” — which would void a clause in their contract that entitles them to payouts worth tens of millions of dollars in severance and unvested stock options, according to reports on Saturday by the New York Times and the Information.
The research firm Equilar told Reuters on Friday that Agrawal, Segal, and Gadde are in line to receive golden parachutes worth a total of some $122 million"
Elon just rugging everyone at Twitter who had banked on MILLIONS in severance right at the last minute. Elon says he didn't acquire twitter to make money, but he certainly is making money moves early in his tenure. Look at the compensation twitter executives are reportedly going to have
Parag Agawal, CEO: $57.4M
Ned Segal, CFO: $44.5M
Vijaya Gadde, Chief Legal Officer: $20M
Not bad compensation on your way out the door for running a platform that was in perpetual controversy and never made money. Elon, of course, has said that this wasn't the motivation for the termination of the top executives
Shout out to good guy, Eric, up there who is tweeting about these execs like they are amazon workers just trying not to have their bladders rupture on an 18 hour shift. HOW WILL THEY GIVE THEIR KIDS CHRISTMAS PRESENT!?!?! ELON TOOK THEIR LOTTERY WINNINGS!!!! The horror! It's incredible how people love people on "their team" so much.
Elon is, of course, says it's false because it's easier than saying "two things can be true at the same time". It could just be that Elon overpaid for twitter with $44B in cash and doesn't think that the people he believes SUCK at their jobs should get additional payment from him in form of stock he just bought. I think that is fair.
Bringing back vine, ads, payment for verification (I will be expensing this straight to Gaz), and trimming the fat. All the makings of a good ole hostile takeover.