Elon Musk fired Twitter execs including CEO Parag Agrawal 'for cause' in a bid to avoid paying out t [View all]
Elon Musk fired top Twitter executives "for cause" in an attempt to avoid hefty severance payouts in the wake of his takeover of Twitter, The Information reported on Saturday.
Musk removed Parag Agrawal, the CEO of Twitter; Ned Segal, the chief financial officer; Vijaya Gadde, the legal chief; and Sean Edgett, the general counsel, on Thursday after closing his $44 billion deal.
A person familiar with the matter told The Information that Musk dismissed the executives "for cause" to try to avoid severance payouts and unvested stock awards, suggesting he had justification for their termination. Two people with knowledge of the subject told The New York Times the executives were now considering their options.
The former executives were in line for payouts totaling almost $90 million, with Agrawal set for $38.7 million, largely due to shares vested since his departure. The research firm Equilar told Reuters the payouts could go as high as $122 million.
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