Elon Musk previously fired Twitter's top executives. Because of this, the billionaire is now named the sole director of the social media company.
The sudden termination of the platform's execs made huge headlines, especially since it was the initial move made by Musk after he completed his billion-dollar acquisition.
Before SpaceX's CEO purchased Twitter, he and top Twitter executives were not on good terms since the billionaire accused them of providing misleading numbers of fake accounts, as reported by Reuters.
This is why many people were not surprised after they left the social media platform.
Why Elon Musk Fires Twitter Execs
According to Independent UK's latest report, the platform's board had nine directors before Musk decided to complete his $44 billion Twitter purchase.
Also Read: Twitter to Introduce Paid Verification on the App, Musk Gives Ultimatum to Employees for this Feature
However, Elon dismissed four of them. These include CEO Parag Agrawal, Chief Legal Officer Vijaya Gadde, General Counsel Sean Edgett, and CFO Ned Segal.
Some rumors claimed that Elon had a reason why he fired these top executives, as reported by The New York Post.
This is specifically to avoid paying the officials' so-called severance packages (which some call these "golden parachutes").
How Much are These Golden Parachutes
Equilar, a trusted corporate leadership data provider, claimed that the golden parachutes of Gadde, Agrawal, and Segal can reach up to $122 million:
- CEO Parag Agrawal: $57.4 million
- CFO Ned Segal: $44.5 million
- Chief Legal Officer Vijaya Gadde: $20 million
Aside from golden parachutes, these top executives are also supposed to receive a total of $65 million in exchange for the stocks they held in the company before Musk took over.
However, Twitter hasn't commented on these newly released details.
Since Musk fired top executives, many Twitter employees shared their concerns since they think that the billionaire can also do the same to regular staff.
However, the tech CEO reiterated that rumors about mass layoffs are false. If you want to learn more details about the alleged mass terminations on Twitter, you can visit this link.
Previously, GM's Twitter ads were canceled after Elon Musk acquired the social media platform.
Some experts found Musk's Twitter's free speech approach would not work because of the EU DSA law.
For more news updates about Elon Musk's plans for Twitter, always keep your tabs open here at TechTimes.
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Written by Griffin Davis
