Elon Musk decides to layoff Twitter employees
Although Parag Agarwal has not revealed any information on layoffs, and job cuts – according to Reuters, Elon Musk has already lined up a new Chief Executive for Twitter. This means that Parag Agarwal will be replaced once the deal is completed. As per reports, he had hinted earlier about him not having confidence in the present management team of Twitter thus hinting at a complete restructuring of the company.
Parag Agarwal replaced the previous CEO Jack Dorsey last November and is set to be in his position until the sale deed is finalised. However, Musk will have to pay a sum of $43 million if he happens to fire Parag Agarwal within the 12 months of change in control of ownership.
According to New York Times, Musk also plans to fire Vijaya Gadde who is the legal head of the company. As per the conditions of the company, if Gadde is removed from the company, she will get a package of $12.5 million from Twitter shares. She is currently the highest paying executive at Twitter.
As per reports, “Gadde who earned $17 million last year as Twitter’s top legal counsel, could be on the chopping block as Musk is reportedly planning to slash jobs and reduce executive pay as he looks to secure financing for his Twitter bid.”