On Monday Elon Musk struck a deal to buy Twitter for $44 billion. However, certain reports suggest that the current CEO of Twitter, Parag Agrawal would be paid $42 million, if he gets sacked from the firm within a year after Musk’s deal.
Since making the approach to buy the company, Musk has been a vocal critic of the board. He stated in a filing with the US Securities and Exchange Commission that he has no faith in the management. Not just this, he has threatened to pay the board members $0 in salary if he acquires the firm.
Twitter’s share prices soared 5.5 percent to $51.60 on Monday
The length of time it will take to complete the acquisition procedure is unknown at this time. Musk has not stated his ideas for the company, but the Tesla co-founder is expected to make significant changes. Musk began running polls on Twitter shortly after revealing that he had purchased a 9.2 percent share in the firm.
He was seen seeking the opinion of his followers regarding topics such as freedom of speech on the site and the much-desired edit button. Advocating for free speech, Musk wrote, “I hope that even my worst critics remain on Twitter because that is what free speech means. Musk met with Twitter’s board of directors on Sunday and early Monday. The meeting was to discuss the details of his bid to buy the company for $54.20 per share. Twitter’s share prices soared 5.5 percent to $51.60 on Monday. However, they were still less than Musk’s offer price.
