Posted on 10/28/2022 12:37:49 PM PDT by mooncoin
Agrawal, Segal and Gadde own roughly 1.2 million shares of Twitter, more than half of that a $34.8 million stake owned by Gadde. The trio’s roughly $65 million stake would be purchased by Musk like any other shareholder’s stock.
Additionally, a clause in the merger agreement provided accelerated vesting of promised future stock compensation — and that’s where the biggest chunk of money comes in. The “Golden Parachute Compensation” clause in Twitter’s SEC filing — which was the deal approved by Twitter shareholders — shows the trio would automatically vest stock worth $119.6 million as severance if terminated, with the largest payout there going to Agrawal at $56 million.
They’re also entitled to a year’s salary and health benefits. In 2021, Agrawal had a base pay of $623,000, while Segal and Gadde’s base pay was $600,000 each.
In total, Gadde is set to walk away from Twitter with the biggest haul: Nearly $74 million. Agrawal and Segal aren’t far behind her, though, at roughly $65 million and $66 million, respectively.
(Excerpt) Read more at marketwatch.com ...
Why would they want to sell their stock? They are going to make a sit pot full of money with Musk running the company!
Yeah, autistic Elon was totally surprised by this. /s
LOL, he has a plan.
Probably why he’s reviewing the source code.
This doesn’t mean Musk is “on the hook” to pay it.
It’s pretty normal.
None of these payouts will happen immediately. Presumably Elon’s people will find definitive proof of bot activity on Twitter and that will trigger a lawsuit where Musk will be the plaintiff and these named individuals will be defendants.
Sunk costs.
It would have cost him more to have kept them as they would have undermined everything he is trying to accomplish.
Texas A&M has to pay their coach $90 million if they fired him. So, they’re keeping him for 10 years.
Which means they’ll win 5, 6, maybe 7 games a year, go to the “Famous Idaho Potato” bowl, lose their fan base, and annually compete with Vanderbilt for the title of “worst team in the SEC”.
But hey, at least they saved the money.
Pay Hildabeast 25 million to “do her Arkansas thing”
Musk has said he’s going to make Twitter’s code open source.
Which means he’ll have thousands of people looking at it.
Their severence agreements likely include a clause for loss of significant responsibility to trigger the same thing.
Two thoughts: $200M is couch change compared to $44B.
Read that he locked down Twitter code and is bringing in SpaceX SW engineers. If half the Twitterverse is bots, and Twitter coded them in, fraud accusations will be pursued.
He should already have gone through the books well before he finalized it.
However, he is known to not follow common sense on a lot of things, and it’s worked so well thus far
I’m sure Musk factored this into his cost analysis.
Yeah, I’m sure he did. Regardless, it’s still disgusting.
He should. He should have a forensic team pore over the old algos and internal comms to determine how much was directed by leadership. Musk should determine how many fake and bot accounts were known to exist and contact advertisers about the overbilling and promise full cooperation in suing the former board personally for the fraud.
I read that he brought in Tesla SW engineers, not SpaceX. Tesla has some of the most brilliant SW engineers in the world, working on AI, chips and supercomputers.
f-ing wogs
“Sunk costs.”
On Twitter’s books. Not on Musk.
You really think Musk needs a “what to do” from us. LOL
You undoubtedly correct on it being Tesla and not SpaceX. But, the point is the same: Forensic software analysis.
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