California: Tesla CEO Elon Musk has recently signed a deal with microblogging platform Twitter for $ 44 billion.
By the end of the year, this deal may be closed and other reports related to it are coming out.
Now it is being said in media reports that Elon Musk can replace Parag Agarwal as the temporary CEO of Twitter .
However, a huge amount will have to be paid in case Parag Agarwal is removed from his post.
CNBC reports that Elon Musk has explained his plan in a presentation to potential investors who will be part of the takeover.
It has been said in this presentation that after the Twitter takeover, Elon Musk will replace Parag Agarwal as the temporary CEO.
Let us tell you, after Jack Dorsey, Parag Aggarwal took over the responsibility of Twitter CEO in November last year.
A new US SEC filing on Thursday revealed that Musk, along with his friends and other investors, has secured $7.15 billion in equity with which they can buy Twitter.
Musk’s new CEO is reported by CNBC’s David Faber, who first reported Dorsey’s departure as Twitter CEO last year.
Musk has received $1 billion from Oracle co-founder Larry Ellison and $5 million from Honeycomb’s Asset Management to buy Twitter.
Let us tell you, Honeycomb Asset Management has also invested in Musk’s Vibration Space-X.
Twitter shares rose nearly three percent after news of Elon Musk becoming CEO, while Tesla’s shares fell four percent.
Microblogging platform CEO Parag Agarwal had to face the anger of employees in the past.
During the company-wide meeting, Twitter employees asked Parag Agarwal for answers on how he plans to deal with the changes Musk will make after the takeover.
There have been indications that after the Musk takeover, changes may be made to the staff and the salary he receives.
Most Twitter employees are not comfortable with the change and are upset.
According to research firm Aquilar , if Musk removes current Twitter CEO Parag Agarwal after the takeover, he will have to pay a huge amount.
Parag Agarwal will be paid $ 42 million (about Rs 320 crore) in such a situation.
However, this will happen only if Agarwal is removed within 12 months of his appointment as CEO in the company.
Parag has just completed six months as CEO.
How Musk’s deal with Twitter will affect staff is not clear at the moment. Tesla CEO has indicated he may be cost-cutting by eliminating the board and reducing executive salaries.