Following the approval of the merger agreement by board directors in Twitter, its CEO, Parag Agrawal might be in for an exit from the company.
There is a new update following Twitter’s board of directors’ unanimous recommendation to shareholders to vote in support of Musk’s takeover offer. The board gave its approval for the merger agreement in an SEC filing on Tuesday. In addition, Twitter CEO Parag Agrawal’s future may be decided soon.
With the filing, the deal ultimately went a huge step forward, despite Elon Musk citing many concerns over the social media giant’s user accounts. The board of directors unanimously agreed that the merger deal is prudent and in Twitter’s and its investors’ best interests.
If the deal is completed, Twitter’s shareholders will receive $54.20. The board of directors was notified:
“If the merger is completed, you will be entitled to receive $54.20 in cash, without interest and subject to any applicable withholding taxes, for each share of our common stock that you own.”
Meanwhile, Twitter CEO Parag Agrawal is rumored to be leaving the firm. According to sources, Agrawal’s plans may be decided following Twitter’s purchase. If the CEO is fired after the transaction, he could be paid roughly $42 million.
Agrawal took over as Twitter CEO in November of last year, so he has been in control for less than a year. On the other hand, Musk’s financial requirements may have an impact on the period leading up to the takeover.
All eyes were on Musk after he initially declared interest in a hostile takeover offer for Twitter. Musk was appointed to the board of directors in April.
However, this came after a brief gap in the episode when Musk raised reservations about the social networking platform’s user base. He then placed a temporary stay, indicating that the number of bogus accounts needed to be determined.
Previously, Twitter offered to provide Musk with access to the ‘firehose,’ which contains raw data on hundreds of millions of tweets.
