COMP NEWS – Following Elon Musk’s acquisition of social media behemoth Twitter, over $120 Million in bonuses have been awarded to executives who were released from the company in the wake of the changeover.
Top Twitter executives who were fired after billionaire Elon Musk’s purchase of the social media giant will collectively receive more than $120 million, the compensation data company Equilar said Friday.
Former chief executive Parag Agrawal will receive $57.4 million, former chief financial officer Ned Segal gets $44.5 million, and former head of legal policy, trust and safety Vijaya Gadde will receive $20 million, Equilar said, citing U.S. Securities and Exchange Commission filings. Twitter did not immediately reply to a request for comment late Friday.
Equilar also said that chief customer officer Sarah Personette would receive $19.2 million after being fired, but The Washington Post could not immediately verify that she was being let go. Personette did not immediately reply to a request for comment late Friday.
Agrawal’s approximate base salary was $1 million, while his health benefits were listed at $9,172. The vast portion of his exit compensation comes from equity — which includes shares he had held in the company — valued at about $56.4 million, according to information Equilar emailed to The Post.
The base salaries and health benefits for Segal and Gadde were both $600,000 and $31,730. But Segal’s equity was valued at $43.8 million, while Gadde’s was about $19.4 million.
Musk is likely to cull more of the company in the following months, as he reportedly told investors that he planned to cut 75% of Twitter’s staff.
Twitter’s workforce is likely to be hit with massive cuts in the coming months, no matter who owns the company, The Washington Post reported last week. Musk told prospective investors in his deal to buy Twitter that he plans to get rid of nearly 75 percent of its 7,500 workers, whittling the company down to a staff of just over 2,000.
To read more about Twitter executives’ golden parachutes during Musk’s aquisitions, click here.
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