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A storm of uncertainty and a sea of news has been coming out of Twitter since its takeover of Elon Musk and he seemed to have clear agendas and plans not just for the method of operation of Twitter, but also about how to milk the maximize money from Twitter. He has even openly criticized the outgoing management of Twitter by calling it the messiest thing in the company. Musk’s unhappiness with the management might also trigger a range of issues for the former executives of the company. Former Twitter CEO, Parag Agrawal, Policy head Vijaya Gadde and CFO, Ned Segal stand to lose their severance pay.
Elon Musk’s dear friend and active Dogecoin promoter, Matt Wallace has tweeted have posted multiple controversial tweets, involving the payment of severance of former executives of Twitter, Parag Agrawal, and Vijay Gadde.
The former CEO of Twitter, Parag Agrawal, thought he was going to get 42 million just for being fired. Instead, Elon Musk found a way around that part of the contract and he will get a grand total of $0 😂
— Matt Wallace (@MattWallace888) October 31, 2022
He also tweeted about Vijay Gadde, the former legal chief of Twitter, who also banned Donald Trump and many other celebrities for a lifetime on Twitter.
The former CEO of Twitter, Parag Agrawal, thought he was going to get 42 million just for being fired. Instead, Elon Musk found a way around that part of the contract and he will get a grand total of $0 😂
— Matt Wallace (@MattWallace888) October 31, 2022
Surprisingly, Elon Musk has not yet responded to these Tweets from Matt because Musk is usually quick to reply to Matt’s posts if they are regarding him. Agrawal, Gadde, and Segal stand to earn a fortune in severance pay after the deal was completed. However, Musk might have found a loophole in the system to avoid paying the heavy sum. The former chief executive was expected to get a payout of $42 million. The total payout to all three was expected to cross the value of $100 million.
Recently, Dogecoin experienced huge growth when Elon Musk announced that Twitter will accept payments in Dogecoins a couple of weeks before the takeover. He tweeted;
“I have a proposal for a blockchain social media system that, like Twitter, handles both money and brief text messages/links. You must pay a small fee to register your message in the chain, which eliminates the great majority of spam and bots. Because there is no throat to strangle, free expression is assured. My Plan B is a blockchain-based version of Twitter, where the ‘tweets’ are contained in the transaction of comments. So you’d have to pay something like 0.1 Doge for each remark or repost.”
In a tweet, Greenfield also said;
“Elon Musk fired top Twitter execs ‘for cause,’ preventing their unvested stock from vesting as part of a change of control. The report highlights that Musk fired top Twitter leaders before November 1 to avoid paying them their share of unvested stocks and severance.”
Contrarily, Elon Musk has denied a report claiming that he would fire more Twitter workers before November 1 to avoid paying the stock grants to fired employees. At the same time, he tweeted about the messy work structure within Twitter, indicating that he might be restructuring teams soon. As a part of the restructuring process, some Twitter employees may lose their jobs.
Recently, we reported on Twitter’s old filing with the SEC that shows Agrawal is entitled to receive approximately $67 million (roughly Rs 552 crore). This figure includes direct stock worth approximately $6.9 million plus base pay of $1 million (as severance) plus unvested shares worth $59 million. Gadde, on the other hand, is eligible to receive $54.7 million, and this figure includes direct shares worth roughly $33.7 million plus base pay of $0.6 million plus unvested shares worth $20 million.
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