Twitter CEO, executives will get big payday if Elon Musk takes over

  • Elon Musk is expected to make significant changes within Twitter’s ranks and layoffs are likely.
  • The current CEO and CFO were removed Thursday night. Other executives are also expected to leave.
  • Everyone will get a big payday if Musk fires them.

Getting fired by Elon Musk will prove very lucrative for Twitter’s top executives.

Musk just took over Twitter after a tumultuous few months during which he offered to buy it for $44 billion, tried to go out of business, was sued by Twitter, and finally agreed to buy it again. Musk, now in charge, is expected to reorganize the business and shed the workforce.

Though the amount of Musk’s intended cuts is unclear, such a move is expected to affect most of Twitter’s C-suite, people familiar with the takeover deal told Insider. On Thursday evening, the CEO, CFO and top lawyer were already gone.

Getting fired by Musk will likely bring executives some of the biggest payoffs they’ve ever seen. “Change-in-control” provisions in employment contracts for top executives give them some severance pay and automatic acceleration of their shares as long as Musk fires them. The provisions will be disclosed in regulatory submissions.

Agrawal, who saw Musk turn on him months ago, is expected to receive the largest payout of $38.7 million, largely due to his entire stock vesting after his sacking.

Ned Segal, Twitter’s chief financial officer, is set to receive a $25.4 million payout for being fired.

Vijaya Gadde, the chief legal officer, will leave the company with $12.5 million.

Sarah Personette, the chief customer officer, would get $11.2 million.

In the months between Musk’s taking a large investor stake in the company and its new owner’s takeover, Twitter executives have remained largely silent in public. When Agrawal tried to reprimand Musk for some of his public statements about the platform in April, Musk was quick to taunt him and announce his intention to acquire the company. Now Musk will likely have to pay Agrawal on the way out.

Are you a Twitter contributor or someone else with insights to share? Contact Kali Hays at [email protected] via the secure messaging app signal at 949-280-0267 or via Twitter DM @hayskali. Contact us from a personal device.

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