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Twitter’s Parag might be replaced with new CEO after Musk takeover

By Priyanka Verma 
Updated Date

After sealing a deal to buy social media giant Twitter, Elon Musk mighy replace the existing chief executive of micro-blogging platform and has already lined-up a new CEO, news agency reported.

Also Read :- Twitter owner Elon Musk says difficult process of staff layoffs to begin today

Elon Musk told banks that agreed to help fund his $44 billion acquisition of Twitter Inc that he could crack down on executive and board pay at the social media company in a push to slash costs, and would develop new ways to monetise tweets.

Musk had to convince the banks that Twitter produced enough cash flow to service the debt he sought. In the end, he clinched $13 billion in loans secured against Twitter and a $12.5 billion margin loan tied to his Tesla Inc stock. He agreed to pay for the remainder of the consideration with his own cash.

Musk disclosed this week that he sold $8.5 billion worth of Tesla shares, a move likely aimed at helping finance his deal for Twitter.

According to research firm Equilar, Twitter CEO Parag Agrawal would get an estimated $42 million if he were terminated within 12 months of a change in control at the social media company.

Also Read :- Entire verification process is being redesigned right now, Says Twitter Boss Elon Musk

Equilar’s estimate includes a year’s worth of Agrawal’s base salary plus accelerated vesting of all equity awards, an Equilar spokesperson said, based on Musk’s offering price of $54.20 per share and terms in the company’s recent proxy statement.

Agrawal, previously Twitter’s chief technology officer, was named CEO in November. His total compensation for 2021 was $30.4 million, according to Twitter’s proxy, largely in stock awards.

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