The three prime Twitter executives whom Elon Musk fired Thursday will stroll out the door with about US$187 million of Musk’s cash.
Former CEO Parag Agrawal, former CFO Ned Segal and former Chief Legal Officer Vijaya Gadde had been ousted after Musk took management of the corporate late Thursday, in accordance to a supply conversant in the state of affairs.
They would have obtained a big chunk of that cash even when that they had stayed on board underneath the brand new possession — they and different shareholders will obtain payouts from Musk after he purchased their shares for US$54.20 every.
Agrawal, who solely assumed the CEO title rather less than a 12 months in the past, had the smallest stock holdings of the three: 155,000 shares price US$8.4 million on the value Musk paid. Segal will get $22 million for the 406,000 shares he owns whereas Gadde will stroll away with $34.8 million for her 642,000 shares.
But in addition they obtain “Golden Parachute Compensation” within the merger settlement authorised by shareholders. That features a 12 months’s base pay — US$1 million for Agrawal and $600,000 every for Segal and Gadde. They additionally will get a 12 months of medical insurance, price about $73,000 among the many three.
The most profitable half by far is the accelerated vesting of stock they stood to obtain sooner or later however had not but certified for. That will find yourself being price US$56.4 million for Agrawal, $43.8 million for Segal and $19.4 million for Gadde. Agrawal and Segal get the accelerated vesting of all of their shares whereas Gadde will get accelerated vesting of solely half of her shares.
Added up, the parachute funds come to US$121.8 million. Add on the $65.2 million for the acquisition of the shares they already personal and also you get $187 million.