How Parag Agrawal forced Elon Musk to buy Twitter and walked away with $42 million after getting fired- Technology News, Firstpost


After months of speculation of will he-wont he, Elon Musk lastly closed the offer with Twitter and acquired the microblogging site. His 1st purchase of business was to cleanse property – his to start with act as the operator of Twitter, was to sack some of the prime executives of the platform. This incorporated CEO Parag Agrawal, CFO Ned Segal and Typical Counsel Vijaya Gadde.

How Parag Agrawal forced Elon Musk to buy Twitter and walked away with $42 million after getting fired

In all of this drama, it appears Parag has emerged as the genuine hero, at minimum for Twitter and the people today working there. It would be smart to don’t forget that experienced it not been for Agrawal and his group, Elon Musk would have walked away from the deal, obtaining tanked Twitter’s stock valuation.

Agrawal himself is going for walks away with a severance offer that might be nicely about $42 million, just like other top executives who had been fired. Reaslitcaly, there is no explanation to really feel undesirable for Agrawal and other major executives who ended up sacked.

When Jack Dorsey, Twitter’s former CEO gave up his position and experienced Parag just take above his position, Musk was not just dissatisfied with Parag. On the other hand, he did have difficulties with Parag even back again then.

Musk observed the Twitter administration incompetent and his leaked chats were testimony to the actuality that he disliked Agarwal and desired to get rid of him as shortly as he obtained him.

Initially, Parag and Elon have been on civil conditions. However, ever because Musk publicly tried to consider above Twitter in a hostile method, items improved in between the two. Musk has generally berated Agrawal and even mocked him for holidaying in Hawaii. Musk believed that Agrawal was not the sort of guy who could operate Twitter, and experienced conveyed so to Jack Dorsey.

Just one also has to contemplate just specifically how the takeover bid was initiated. 

Then, there is also the reality that there have been various situations where Musk tied to troll Parag brutally. Parag was forced to just take a stand versus Musk a variety of situations, and it seems, that in most cases, he emerged victorious.

Agrawal certainly must have recognised that if without a doubt Musk would receive Twitter, he would be the very first 1 to be proven the door. And nevertheless, this did not stop Parag to make Musk go by means of the acquisition process that he experienced to begin with started.

Make no slip-up about this, but experienced it not been for the court docket situation and subsequent discovery that was looming around Elon, he would not have acquired the firm. Not just that, Elon basically attempted to back out of the deal a 2nd time as effectively, following Twitter and its lawful team submitted a circumstance from Elon. 

1 of Parag’s most significant moves in this whole drama was to get Twitter’s circumstance mentioned in front of a courtroom which has a historical past of likely tough on men and women, if they offer in terrible faith.

Besides forcing Musk to go as a result of with the merger, Parag also ensured that he purchased Twitter at the price that Musk experienced at first offered, even although, the existing price of Twitter is very little close to the sum. Musk usually knew that paying out $44 billion for Twitter was a mistake. Many marketplace insiders consider that Musk’s determination to feign and pull out of the offer was an elaborate ruse to get the board members at Twitter permit Musk make a much scaled-down give.

In 2021, Agrawal’s overall payment 2021 was $30.4 million, most of which was compensated to him in stock awards. When Parag was designed CEO, he was changing Jack Dorsey, the founder & CEO of Twitter at that level. Parag’s contract stipulated that Agrawal is entitled to get $42 million from Twitter if he were being terminated within just 12 months of a transform in command as a severance offer, some part in the kind of a reward, and all of his wages that were accrued to him.

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