Business
Musk takeover: CEO, Parag Agrawal, to earn $42m after sack from Twitter
The final acquisition of Twitter by the world’s richest man, Elon Musk, has led to the dismissal of the firm’s Chief Executive Officer, Parag Agrawal.
Agrawal joined Twitter in 2011 as a software engineer, but rose to the position of Chief Executive in November 2021, after founder, Jack Dorsey, resigned from his CEO role.
Six months ago, Ripples Nigeria had hinted on the possibility of Agrawal losing his position in Twitter, as Musk has constantly questioned the ability of the management to lead the social media company.
After almost a year in the role of CEO, Agrawal’s sack will now earn him about $42 million compensation. Musk is expected to takeover the position, as he already edited his Twitter profile description to “Chief Twit”.
Also, the head of legal policy, trust, and safety at Twitter, Vijaya Gadde, was fired, after months of speculations that she will also exit the firm if Musk takes over.
There have been reports that Gadde’s ideologies are in contrast to that of Musk, as the former is described as a top censorship advocate, but the latter believes no one should be gagged.
READ ALSO:Elon Musk takes over Twitter, fires top executives
In April, Musk had stated, “Suspending the Twitter account of a major news organization for publishing a truthful story was obviously incredibly inappropriate.”
This was in response to a tweet that Gadde played a role in the restriction of NYPost’s account and reach over a story on Joe Biden’s son. She was also said to be unhappy with Musk’s decision to buy Twitter.
Another top executive affected by Musk’s takeover is the social media company’s Chief Finance, Ned Segal.
Ripples Nigeria reported that Musk agreed to acquire Twitter for $44 billion after previously backing out of the contractual agreement to buy the firm.
Musk was given until October 28, 2022, to acquire Twitter as previously agreed or face trial in the Delaware Chancery Court in the United States.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...