World’s one of the richest men, Elon Musk, has finally sealed the deal by buying Twitter, making it one of the biggest tech deals of all time. Obviously, this deal has sent ripples across the industry, shooting zillions of questions all around. One of the major string of questions is: What will happen to current Twitter CEO Parag Agrawal? Can he still stay in the company? What will be his powers? What if he leaves? Also Read - Twitter’s closed captions feature arrives on Android, iOS: How to use it
Twitter Takeover: What does it mean for CEO Parag Agrawal?
According to a research firm Equilar, if Elon Musk plans to terminate the current CEO of Twitter Parag Agrawal, he will walk out with loads of money, $42 million (approx Rs 320 crore) to be more precise. However, this will be the case only if Agrawal is terminated within 12 months of a change in the control of the company. Also Read - This EV company has a message to Elon Musk
Elon Musk had earlier expressed his lack of confidence in Twitter’s management. Also Read - Twitter’s board recommends $44 billion buyout by Elon Musk even as fixes a few ‘unresolved matters’
Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important. https://t.co/5iNTtJoEHf
— Parag Agrawal (@paraga) April 25, 2022
Notably, if Parag Agrawal is terminated, he will be Twitter’s shortest-serving CEO, with a tenure as short as six months.
Twitter-Musk Deal aftermath: Layoffs?
The Elon Musk deal has also incited feelings of fear, hope, and nervousness. As reported by The Verge, before the deal was official, CEO Agrawal set up a virtual all-hands call with his employees to inform them about the finalisation of the Musk deal. He announced that no layoffs are planned “at this time”. He further agreed that “There is indeed uncertainty about what will happen after the deal closes. Once the deal closes we don’t know which direction the platform will go.”
Agrawal has confirmed that he will remain as the company’s CEO until the deal is closed, however, he did not reveal what will happen after that. Brett Taylor, the board’s independent chair has announced that Twitter’s board will dissolve once the deal closes.