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Elon is the singular solution I trust’: Jack Dorsey tweets support for Musk’s take-over bid as it’s revealed the Twitter founder is in line to make $928m from the deal while CEO Parag Agrawal will get $39m as execs cash in

  • Twitter’s executives are in for a bumper payout thanks to Elon Musk’s $44 billion takeover of the company

  • The founder of Tesla and SpaceX, 50, agreed to pay shareholders $54.20 in cash for each share 

  • Co-founder Jack Dorsey, who launched Twitter in 2006, is getting the biggest windfall, with $978 million

  • CEO Parag Agrawal, who took over from Dorsey in November 2021, is in line for a $38.7 million pay package 

  • Twitter board chair Bret Taylor is in line to receive a cash payout just over $3 million, while former board chair Omid Kordestani will receive a $50.6 million payout 

  • Some Twitter staff have reacted with horror to Elon Musk’s takeover of the company, according to internal chats shared online

  • The company has frozen planned changes to the service until Friday, amid what Bloomberg speculated was concern that a rogue employee could ‘push something or mess with the product on the way out the door’ 

  • In message rooms staff vented about their trepidation over working for the mercurial South African

  • Others in a staff meeting held at 5pm ET worried whether they would still be able to work from home, and asked about their share options  

  • Agrawal told staff that their jobs were safe for the moment, saying there would be no layoffs until Musk took over in six months, and reassuring them about their stock options and benefits

  • He would not be drawn on whether Donald Trump would be allowed back to the platform: Trump said on Monday he has no wish to, and Agrawal said it was a decision for the Musk 

  • Agrawal said he was ‘proud of our teams and inspired by the work that has never been more important’

Twitter co-founder Jack Dorsey is in line to receive a $978 million payout after Elon Musk bought the social media network he created.

Dorsey, 45, owns 18,042,428 shares in the firm – equivalent to 2.4 per cent of the company – which Musk will now buy for $54.20 each, netting him close to a billion dollars. 

The current CEO, Parag Agrawal, who took over from Musk, has a ‘Change in Control’ clause in his contract, The Hollywood Reporter said, citing Twitter’s most recent proxy filing.  

Agrawal’s clause specifically cites his reporting to the ‘board of directors of a publicly-traded entity,’ meaning any deal to take Twitter private would trigger the clause.

Agrawal would be in line for a $38.7 million pay package.

The current chair of the board, Bret Taylor, is in line to receive a cash payout just over $3 million, while former executive chairman Omid Kordestani, 59 – who remains on the board, and was chair from 2015-20 – will receive a $50.6 million payout thanks to shares he owns in the firm. 

Kordestani remains on the boards of Twitter and Klarna, and was previously on the boards of Spotify and Vodafone. He also worked at Google.  Continue

 

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