Elon Musk’s buyout of Twitter has been famous for extra causes than one. Assuming top management of the micro-blogging platform on late Thursday night, Musk was fast to put his priorities in place. It could also be famous that Musk’s Twitter acquisition was underneath scrutiny for months now as he needed to get out of his $44 million deal to seal the deal.
Also, his choices, proper after he took over Twitter, converse volumes about his possession. Musk’s first transfer, reportedly, was to hearth top executives of the entity.
In reality, the Tesla proprietor wrote to Twitter advertisers and mentioned that he had purchased Twitter in a bid to ‘assist humanity’ amid the ‘nice hazard that social media will splinter into far proper wing and much left wing echo chambers that generate extra hate and divide our society’. Thereafter, his first few choices because the Twitter proprietor have been to hearth Parag Agrawal, the chief govt officer, Ned Segal, the chief monetary officer and Vijaya Gadde, the chief authorized officer.
Now, authorized consultants are involved about Musk’s monetary liabilities that lay forward, particularly worker compensation and sustaining a thick money stream for the enterprise. The New York Times said that Twitter’s approximate 7,500 staff could also be due $100 million underneath the corporate’s compensation programme.
As per stories, Musk shall be required to pay greater than $200 million to the aforesaid three fired executives. Agrawal is slated to obtain the most important payout. This was finalised when he took over because the CEO of Twitter in November 2021 as a result of he signed the cope with a ‘golden parachute‘ clause. In the contract with Twitter, he was assured severance compensation of about $42 million. This could have been realised if Twitter let go of Agrawal inside a 12 months of his assuming the workplace.
Almost a 12 months later, Musk could have fired Parag Agrawal to revamp the social media platform that he owns.
However, a default in advancing compensation to staff and the anomaly of whether or not the fired staff will obtain the cash could set off prolonged litigation. Reports counsel that Musk will want to make the funds if he determined to hearth extra staff earlier than Tuesday because the compensation scheme will vest on on that day.
Shortly after taking up Twitter, Musk tweeted a cryptic replace studying —’fowl is freed’ — seemingly flagging his intention to make the platform open to free speech. As per Forbes Billionaires Rich List, Musk’s wealth is estimated to be price $ 221.3 billion.
