After sealing a deal to purchase social media big Twitter, Elon Musk mighy substitute the present chief government of micro-blogging platform and has already lined-up a brand new CEO, information company Reuters reported.
Elon Musk instructed banks that agreed to assist fund his $44 billion acquisition of Twitter Inc that he might crack down on government and board pay on the social media firm in a push to slash prices, and would develop new methods to monetise tweets.
Musk needed to persuade the banks that Twitter produced sufficient money movement to service the debt he sought. Ultimately, he clinched $13 billion in loans secured in opposition to Twitter and a $12.5 billion margin mortgage tied to his Tesla Inc inventory. He agreed to pay for the rest of the consideration together with his personal money.
Musk disclosed this week that he bought $8.5 billion value of Tesla shares, a transfer seemingly geared toward serving to finance his deal for Twitter.
In response to analysis agency Equilar, Twitter CEO Parag Agrawal would get an estimated $42 million if he had been terminated inside 12 months of a change in management on the social media firm.
Equilar’s estimate features a yr’s value of Agrawal’s base wage plus accelerated vesting of all fairness awards, an Equilar spokesperson mentioned, primarily based on Musk’s providing worth of $54.20 per share and phrases within the firm’s current proxy assertion.
Agrawal, beforehand Twitter’s chief know-how officer, was named CEO in November. His whole compensation for 2021 was $30.4 million, in response to Twitter’s proxy, largely in inventory awards.
Supply: Live Mint