Elon Musk has taken over Twitter and sacked the top four executives including its Chief Executive Parag Agrawal
Elon Musk, the CEO of Tesla, has seized control of Twitter following the Thursday night closure of his $44 billion acquisition deal. With this, the billionaire fired the platform’s top four executives, including its CEO, Parag Agrawal, and jokingly wrote on Twitter that “the bird is liberated.” The firing of Parag Agrawal has sparked several hilarious internet memes and inspired internet users to use their imaginations. Additionally, we have chosen a few for you.
WHO IS PARAG AGRAWAL, AND WHY WAS HE TERMINATED BY MUSK?
Musk had claimed that Twitter CEO Parag Agrawal had misled him and Twitter’s investors over the number of phony accounts the social media network was home to. As of Friday, neither Twitter nor Musk had commented on the events. Agarwal won’t go away empty-handed, though. Agrawal will receive an estimated $42 million in compensation, which includes a full year’s base salary for Parag and the acceleration of the vesting of all stock awards, according to a story in Reuters. According to estimates, Agrawal received a $1 million yearly salary as the CEO.
IIT Bombay alumnus Parag Agrawal joined Twitter in October 2011. Due to his expertise in revenue and consumer engineering, he later became Twitter’s first Distinguished Engineer. According to Twitter, his work there had a significant influence on the re-acceleration of audience growth in 2016 and 2017. Twitter appointed Parag as its CTO in October 2018. Jack Dorsey left Twitter on November 29, 2021, and the Twitter board appointed Parag as the new CEO. Mark Zuckerberg and Parag, both 38, are among the youngest big IT CEOs.
In terms of the Twitter acquisition, Musk has, in a sense, admitted that he overpaid for the company. The outspoken billionaire, however, asserted that Twitter’s long-term potential is significantly greater than its current valuation. Musk hasn’t been very specific about what he wants to do with Twitter after that. For the most recent information on the Elon Musk Twitter takeover saga, follow our live updates.
With new twists and turns practically every week, Elon Musk’s acquisition of Twitter has to rank as one of the most dramatic tech takeovers ever. If the offer were to be mapped on paper, it might resemble a sine curve, depending on whether the billionaire is truly interested in purchasing Twitter or not. On October 27, 2022, Musk brought a kitchen sink to the Twitter offices in San Francisco, adding to the already high level of tension.