It is estimated that Parag Agarwal will have to pay $ 42 million in compensation if he is fired within 12 months of the transfer of power to the social media company.
Elon Musk, the world’s richest man who first bought a 9.2 percent stake in Twitter, later offered to buy all the shares. Twitter bought a total of $ 4.4 billion worth of shares in the company for $ 54.2 a share. Its value in Indian rupees is Rs 3.37 lakh crore.
As Musk continues to express dissatisfaction with Twitter’s management, Elon Musk plans to appoint a new CEO for Twitter, news agencies reported.
The question has been raised as to whether the tenure of the company’s current CEO, Parag Agarwal, will last, as it has been speculated that Elon Musk will be forced to bring in a board of directors of his own making to implement the planned changes and his ideas.
Earlier, it was estimated that the social media company would have to pay $ 42 million in compensation if it was fired by Parag Agarwal within 12 months of changing hands.
However, it is not easy for the millionaire to make any changes in the company, including its top executives. As of now, the Twitter board has approved the sale of the company to Elon Musk. But it is noteworthy that the regulatory inspection work was not completed and Elon Musk did not pay the company
Agarwal, who was appointed CEO of Twitter in November, is expected to continue in his post until the company’s full transfer of power. Elon Musk is expected to be fired by other top executives once the company is completed
Meanwhile, at a keynote meeting on Friday, Twitter employees expressed their dissatisfaction with Parag Agarwal over the changes and job security following the acquisition of Elon Musk.
According to reports, there is a good chance that Parag Agarwal will switch to another company before Elon Musk takes over the company.