Parag Agrawal may seem like he was on the losing side of the Twitter battle but new details have surfaced hinting otherwise. Parag Agrawal's payout has been revealed in SEC filings of the company. These details come amidst rumours that Musk is trying to evade the massive payout to former Twitter executives. Earlier reports have suggested that Musk has terminated the executives “for cause” which could give him a chance to evade the payment.
The SEC Filings, as spotted by ANI, suggests that Agrawal will most likely get the largest payout among the former Twitter executive. He is expected to get pay worth $57.4 million (around Rs 475 crore), while Segal and Gedde have been said to get $44.5 million and $20 million, respectively.
Further details reveal that all three executives will also earn via their stock positions in the company. They hold a total of 1.2 million shares. Musk will have to pay for these shares at the promised amount of $54.20. The report suggests that those payments would be worth $8.4 million to Agrawal, $22 million to Segal and $34.8 million to Gadde.
The total payout to all three runs into hundreds of millions of dollars which could be a massive dent, even for Musk. The cumulative payments are pegged at $122 million (roughly around Rs 1,009 crore).
Elon Musk recently announced major changes in the platform via Twitter Blue, a premium subscription introduced last year. This subscription service will also become a new stream of income for the micro-blogging platform. Musk has merged the benefits of being a verified user on Twitter with Twitter Blue. Musk has announced a monthly fee of $8 for this service. However, he also ensured that this fee will be adjusted for purchasing power parities (PPP) of different nations. In India, the pricing could range anywhere from Rs 150-Rs 200, taking PPP into account.
Musk will be introducing a whole new set of features too, in order to justify the pricing of the subscription. Users will not only get a Blue Tick but also the ability get priority in replies, mentions & search (Musk claims this will be essential to defeat spam/scam). You’ll also be able to post long video and audio on the platform. Additionally, the frequency of ads will be halved, according to Musk.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today