Twitter CEO Parag Agrawal fired – Elon Musk, the billionaire CEO of Tesla and the new owner of Twitter, sacked the previous CEO Parag Agrawal, and many other senior executives almost once. After spending $44 billion to purchase the social media behemoth, this was his first significant action. Social media users have created a major meme festival poking jabs at Mr. Agrawal, particularly in India.
Twitter CEO Parag Agrawal was fired because a Twitter user named Manglam Tiwari made fun of the former Twitter CEO by posting a meme of famed Bollywood actor Amrish Puri telling him to be ready for a job in the government.
Twitter CEO Parag Agrawal fired
Tesla CEO Elon Musk has finally taken over Twitter, has successfully taken control of Twitter, and is now the new CEO. Twitter CEO Parag Agrawal was fired on Monday, and the CFO, Ned Segal, and the head of legal affairs and policy, Vijaya Gadde, were allegedly sacked shortly after the $44 billion acquisition was finalized, according to media sources. He had previously charged the CEO of deceiving him and Twitter investors over the volume of phony accounts on the social media site Twitter has not yet publicly revealed the identities of the sacked workers, but according to The New York Times, Musk “has begun cleaning house at Twitter with the firings of at least four key executives,” citing sources familiar with the situation.
Elon Musk and Twitter’s dispute is not brand-new. The billionaire Chief Twit has been in conflict with the top management, which has since been sacked since he declared his plans to buy the micro-blogging network. All of Musk’s justifications for pulling out of the transaction, from worries about the quantity of Twitter bots to the firm withholding ‘essential’ information, made headlines. But Agrawal and Musk remained at the center of it all. At least one of the sacked executives was led out of Twitter’s office, according to the New York Times article.
Twitter CEO Parag Agrawal fired 2022 Details
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Elon Musk versus Parag Agrawal
Since the Twitter acquisition was finalized, many have questioned why Agrawal, 38, is one of the first people Musk is said to have sacked. Let’s look at it. Many people were shocked when Twitter co-founder Jack Dorsey announced his resignation as CEO in November of last year. Agrawal, a graduate of Stanford and IIT Bombay, was then chosen as the next CEO. While many people applauded the purported former CEO’s ascent to the top position, his ongoing conflict with Musk ever since the business magnate revealed his intention to take over has generated more media attention than one could possibly expect.
According to the New York Times story, Agrawal and Chief Twit recently engaged in both public and private arguments about the acquisition. Additionally, it said that Gadde had received criticism from Musk for the company’s participation in making content control choices. Although Musk recently denied rumors that 75% of the Twitter staff had been fired along with Twitter CEO Parag Agrawal fired the rumored dismissal of the company’s senior executives has stunned many. The billionaire’s plan to acquire the microblogging service and take it private was approved by Twitter earlier this year. However, as soon as the deal’s conditions began to take shape, Musk began to have second thoughts about going through with it, claiming that Twitter had neglected to reveal the quantity of spam and bogus accounts on the network.
Therefore, Twitter CEO Parag Agrawal fired stating that he failed to honor his duties when Musk chose to cancel the Twitter acquisition transaction. Musk made a U-turn as the legal dispute developed and suggested buying Twitter for the initial amount provided the business discontinued its legal action. As of the right moment, Musk is either the CEO of Twitter or the company’s top shareholder. Even though none of the parties involved have publicly said why Agrawal and other senior executives were fired, many analysts predicted their demise, particularly after the protracted takeover saga’s conclusion. Agrawal is anticipated to get around $42 million as a result of this termination, according to media sources. An official confirmation is still pending, however.
Twitter CEO Parag Agrawal fired: Reason
In November 2021, Mr. Agrawal was chosen to become Twitter’s first CEO of Indian descent. When there were less than 1,000 workers in the business in 2011, the IIT Bombay and Stanford alumni joined. In 2017, he was appointed chief technology officer (CTO) of the business. One of the youngest people to lead a significant technological business was a 38-year-old. He was also the S&P 500 company’s youngest CEO.
In April of this year, Elon Musk announced his plan to purchase Twitter, but he subsequently changed his mind due to the problem of false accounts. He also said that Mr. Agrawal had misled him about the false Twitter accounts. Following Mr. Musk’s April post asking whether Twitter was dying, their friendship deteriorated. The string of texts was made public in a US court document.
Parag Agrawal vs. Elon Musk
According to a Reuters article, his total remuneration for 2021 was $30.4 million, the majority of which came through stock awards. According to sources, he would reportedly get $42 million following his departure. The statistic is based on research carried out by Equilar. The estimate takes into account Mr. Agrawal’s base pay for a full year as well as the expedited vesting of any stock awards. Twitter Inc.’s new owner, Elon Musk, reportedly sacked the company’s senior executives shortly after taking control. CEO Parag Agrawal, CFO Ned Segal, and head of legal and policy Vijaya Gadde are among the executives on Musk’s “kill list.” The $44 billion transaction is complicated and contains many moving parts. These are not the only figures connected to the purchase, however. According to reports, Agrawal will get a severance payment of millions.
According to many sources, Agrawal will get all of his 100% unvested stock awards. These awards, according to research by Equilar, a supplier of data-driven business solutions, will total around $42 million. If the business dismisses him within a year of appointing him to the top position, he will get the severance. In November 2021, Agrawal was chosen to be the next CEO of Twitter. Elon suffered an additional setback in addition to investing $44 billion to purchase the microblogging platform. The value of the new Twitter CEO has decreased by around $33 billion.
Twitter CEO Parag Agrawal fired Timeline FAQ
Parag Agrawal, the CEO of Twitter, and two other senior leaders were fired shortly after billionaire Tesla owner Elon Musk paid $44 billion to purchase the social media network. In 2021, Agrawal, 38, succeeded Jack Dorsey as CEO of Twitter after his resignation as the company’s creator and first CEO.
Elon Musk has succeeded in getting out of his agreement to purchase Twitter after months of trying to do so.