• Tue. Feb 7th, 2023

Twitter CEO, CFO Plan To Call It Quits As Elon Musk Completes Takeover: Report – Twitter (NYSE:TWTR)

ByRamakrishnan M

Oct 27, 2022
Twitter CEO, CFO Plan To Call It Quits As Elon Musk Completes Takeover: Report - Twitter (NYSE:TWTR)

Twitter Inc TWTR CEO Parag Agrawal and finance chief, Ned Segal, are among the top executives reportedly planning to leave the microblogging firm as Tesla Inc TSLA CEO Elon Musk finishes his $44 billion takeover of the company.

What Happened: Agrawal and Segal are on their way out, as are policy and legal head Vijaya Gadde and general counsel Sean Edgett, Bloomberg reported late on Thursday, citing people familiar with the matter.

Twitter did not immediately respond to Benzinga’s request for comment at the time of writing this story.

Read Next: Musk Hasn’t Sold More Tesla Shares To Fund $44B Twitter Deal: Could Overhang Be Gone?

Why It Matters: Musk in April had indicated that he did not have “confidence in [Twitter] management” in a filing with the U.S. Securities and Exchange Commission.

Leaked text messages between Musk, Twitter founder Jack Dorsey and Agrawal showed the Tesla CEO’s frustration with the social media firm’s management.

Agrawal, who has been with Twitter for over a decade, took the top post at the company after Dorsey abruptly stepped down from the role in November 2021.

Segal joined Twitter in 2017, Edgett in 2012 and Gadde in 2011. 

It was reported earlier that Agrawal stands to get a severance check worth over $40 million if he is terminated within 12 months of Musk taking over Twitter.

Price Action: Twitter shares closed 0.66% higher at $53.7 on Thursday, before rising 0.13% in extended trading, according to data from Benzinga Pro. That still remains below Musk’s offer of $54.20. 

See Also: Dogecoin Rises Further On Musk Effect, Bitcoin, Ethereum Dip: Analyst Says Apex Coin Rally ‘Out Of Steam’ But Could Return If This Happens



Image and article originally from www.benzinga.com. Read the original article here.