FP StaffOct 28, 2022 13:42:43 IST
Right after months of speculation of will he-wont he, Elon Musk eventually shut the offer with Twitter and obtained the microblogging web page. His 1st get of organization was to clear dwelling – his 1st act as the proprietor of Twitter, was to sack some of the best executives of the platform. This incorporated CEO Parag Agrawal, CFO Ned Segal and Common Counsel Vijaya Gadde.
In all of this drama, it looks Parag has emerged as the real hero, at least for Twitter and the individuals working there. It would be intelligent to bear in mind that experienced it not been for Agrawal and his workforce, Elon Musk would have walked away from the deal, possessing tanked Twitter’s inventory valuation.
Agrawal himself is strolling away with a severance offer that may perhaps be properly above $42 million, just like other leading executives who were being fired. Reaslitcaly, there is no motive to come to feel poor for Agrawal and other top executives who were being sacked.
When Jack Dorsey, Twitter’s previous CEO gave up his posture and had Parag just take over his placement, Musk wasn’t particularly dissatisfied with Parag. Nonetheless, he did have problems with Parag even again then.
— Elon Musk (@elonmusk) May well 16, 2022
Musk uncovered the Twitter administration incompetent and his leaked chats were being testimony to the point that he disliked Agarwal and wished to get rid of him as quickly as he acquired him.
Originally, Parag and Elon have been on civil phrases. Nonetheless, ever due to the fact Musk publicly experimented with to get over Twitter in a hostile method, points modified between the two. Musk has normally berated Agrawal and even mocked him for holidaying in Hawaii. Musk believed that Agrawal was not the type of guy who could operate Twitter, and had conveyed so to Jack Dorsey.
One also has to contemplate just exactly how the takeover bid was initiated.
Then, there’s also the reality that there have been several instances where Musk tied to troll Parag brutally. Parag was compelled to take a stand versus Musk a selection of situations, and it would seem, that in most scenarios, he emerged victorious.
Agrawal undoubtedly should have recognised that if in truth Musk would receive Twitter, he would be the 1st a person to be revealed the door. And but, this did not quit Parag to make Musk go by means of the acquisition method that he had originally commenced.
Make no error about this, but had it not been for the courtroom case and subsequent discovery that was looming in excess of Elon, he would not have acquired the corporation. Not just that, Elon in fact tried using to back out of the offer a second time as very well, just after Twitter and its legal crew submitted a scenario against Elon.
A single of Parag’s most substantial moves in this overall drama was to get Twitter’s case stated in entrance of a courtroom which has a record of heading rough on persons, if they offer in negative religion.
Besides forcing Musk to go by way of with the merger, Parag also ensured that he acquired Twitter at the price that Musk had initially presented, even nevertheless, the present-day benefit of Twitter is almost nothing close to the sum. Musk usually knew that paying $44 billion for Twitter was a slip-up. A lot of market insiders believe that that Musk’s decision to feign and pull out of the offer was an elaborate ruse to get the board associates at Twitter allow Musk make a substantially smaller sized present.
In 2021, Agrawal’s total compensation 2021 was $30.4 million, most of which was paid to him in inventory awards. When Parag was made CEO, he was changing Jack Dorsey, the founder & CEO of Twitter at that stage. Parag’s deal stipulated that Agrawal is entitled to get $42 million from Twitter if he were terminated in just 12 months of a alter in manage as a severance package, some component in the variety of a bonus, and all of his wages that had been accrued to him.