Twitter Executives Fired by Elon Musk to Get Payouts Totaling $122 Million: Report

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No need to mourn for the Twitter executives ousted by Elon Musk after he took over the social media company.

Shortly after closing the $44 billion deal on Thursday, Musk fired CEO Parag Agrawal; CFO Ned Segal; legal policy, trust and safety head Vijaya Gadde; and general counsel Sean Edgett.

Reuters reported Friday the executives will enjoy some plush parachutes for their descent to unemployment.

Agrawal will get $57.4 million, Segal will receive $44.5 million and Gadde will get $20 million, Reuters reported, citing corporate leadership data organization Equilar. Altogether, the payouts equal some $122 million.

According to Reuters:

Major payouts to executives tied to changes in control of a company are common to smooth ownership transitions but can be controversial.

Twitter’s filing states that “In the case of a Change of Control event, we believe that these arrangements assist to maximize stockholder value and maintain executive focus in the immediate period prior to, during and after the Change of Control event.”

Payouts would include 100% of an executive’s annual base salary, healthcare premiums, and accelerated vesting of equity awards, the filing states.

Agrawal’s compensation in 2021 was $30.4 million, while Segal’s was $18.9 million. Gadde’s was almost $16.96 million.

Gadde was behind the permanent suspension of former President Donald Trump from Twitter following the Jan. 6 attack on the U.S. Capitol. Musk has said he would bring Trump back to Twitter. However, Trump has said he would not return to Twitter even if his account were reinstated. Nonetheless, Trump celebrated Musk taking over Twitter.