What TV doesn't, print can't; we deliver.
What TV doesn't, print can't; we deliver.
Billionaire Elon Musk said on Monday in a filing that he will be the Chief Executive Officer of Twitter, the micro-blogging site he took over paying a sum of $44 billion. Currently Musk calls himself “chief twit”. He has fired the entire board, giving him unbridled control over Twitter.
Earlier, Tesla CEO had fired Twitter CEO Parag Agrawal and other top officials. s move.
Last week, Musk’s takeover of the social media company for $44 billion putting an end to six months of speculations, “will he, won’t he.”
In purported leaked chats between Agrawal and Musk, the latter had refused to be part of the board as he saw it as a “waste of time.” He said he didn’t want to be anyone’s boss. ccounts.
Musk’s teams began meeting with some employees to investigate Twitter’s software code and understand how aspects of the platform worked, according to two sources familiar with the matter.
It is also understood that Musk is in no mood to pay the hefty severance packages to the sacked officials of Twitter.
According to Twitter’s filing with the US Securities and Exchange Commission, Musk would be liable for over $100 million in severance and other awards to its fired leaders, but it appears that he has found a way to avoid them.
A report by The Information stated that Musk terminated top Twitter executives, including Parag Agrawal and Vijaya Gadde, “for cause” in effort to avoid severance pay and unvested stock awards.
According to Twitter’s old SEC filing, Parag Agrawal is entitled to $67 million (roughly Rs 552 crore). Gadde, on the other hand, is entitled to $54.7 million (roughly Rs 450 crore).
If Musk denies severance and other stock awards to fired leaders, he may invite legal trouble.
This would be similar to what happened in the last few months when Musk reneged on his agreement to buy Twitter and was then taken to court by the company’s management.
Musk changed his mind again as the trial approached, telling the court that he would pay $44 billion for Twitter.
Depending on the circumstances, he may have to pay the same amount as suggested in the SEC filing. Alternatively, both parties may be willing to negotiate a favourable deal.
