Twitter was bought by Elon Musk, the founder got Rp. 1.4 trillion

Jakarta –

Co-founder and former CEO Twitter Jack Dorsey will receive significant cash if Elon Musk manages to buy Twitter worth $44 billion, or around Rp. 635 trillion, because his shares will be converted into cash.

Dorsey, who did not receive a salary from Twitter during his tenure, owns 2.4% of the company with 18 million shares. Musk himself offered to buy Twitter shares for $54.20, so Dorsey could get $978 million in cash.

Current Twitter CEO Parag Agrawal will also earn significant money thanks to the ‘change in control’ clause that is part of his contract. If Musk brings in new management, Agrawal will take home $38.7 million.

Other Twitter executives such as CFO Ned Segal will receive $25.4 million if the company is sold and Musk brings in new management. Meanwhile, Chief Legal Officer Vijaya Gadde will receive USD 12.4 million and Chief Customer Officer Sarah Personette will receive USD 11.2 million, as quoted from TechCrunch, Wednesday (27/4/2022).

Following the news that Twitter had accepted Musk’s offer to take over, Dorsey gave his support for the acquisition. Dorsey cites Musk as the only solution he can trust.

Meanwhile, Agrawal’s reaction was more concise than Dorsey’s. Maybe he realized that his position as CEO was a bit vulnerable, considering that after an acquisition, the new owner of the company usually brings new management.

Moreover, in his report to the SEC, Musk said he had no confidence in Twitter’s current management, indicating that Agrawal and executives Twitter others could be removed once Musk took over the company.

Twitter said the transaction, which was approved unanimously by the board of directors, would be finalized this year after obtaining approval from shareholders and regulators.

Watch Videos “Elon Musk Buys Twitter, Jack Dorsey: It’s The Right Way“
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(vmp/fay)

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