Musk Ousts Twitter Executives Facing $122 Million Severance Fight
Elon Musk terminates Twitter's top executives following his takeover, triggering a potential legal battle over nearly $122 million in severance packages.
Elon Musk officially takes control of Twitter and immediately ousts top executives, including CEO Parag Agrawal, CFO Ned Segal, and head of legal Vijaya Gadde. Musk walks into the San Francisco headquarters carrying a sink and updates his bio to "chief Twit" as the company notifies the New York Stock Exchange that its shares are no longer listed.
The three terminated executives are entitled to a combined base severance package totaling nearly $122 million, according to executive compensation research firm Equilar. However, Musk reportedly fires the executives "for cause," which sets the stage for a lengthy legal fight over whether Twitter actually pays out any of this massive financial compensation.
The largest individual payout belongs to former CEO Parag Agrawal, whose severance is worth $57.4 million on paper. His relationship with Musk sours significantly over recent months after Agrawal repeatedly expresses concerns that the billionaire's public questioning of Twitter's leadership damages the company's overall image.