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Thursday, February 22 2024
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Jack Dorsey to earn nearly $1 bn on Musk’s Twitter deal

Jack Dorsey to earn nearly 1 bn on Musks Twitter deal
Photo Credit : Openverse

New Delhi: Jack Dorsey is set to take home a hefty amount of $978 million in cash once the Elon Musk’s Twitter takeover deal gets through. Dorsey holds 2.4 per cent or a little over 18 million shares in the company and after once the $44 billion deal is closed, his Twitter shocks will be converted into cash, reports The Warp.

With Musk’s offer to buy each Twitter share for $54.20, Jack Dorsey would receive a $978 million in cash. Dorsey took a $1.40 annual paycheck while serving as Twitter CEO since its launch in 2006. Current CEO Parag Agrawal will receive nearly $39 million due to a clause in his contract.

Agrawal’s total compensation for 2021 was $30.4 million, largely in stocks. The company’s CFO Ned Segal would receive $25.4 million if he leaves the company. The chief legal officer Vijaya Gadde would get $12.4 million, whereas Twitter’s chief customer officer Sarah Personette would receive $11.2 million.

Twitter’s board chair Bret Taylor would receive a payout of just over $3 million and former board chair Omid Kordestani would get $50.6 million in his payout, the report mentioned. Twitter has entered into a definitive agreement to be acquired by an entity wholly owned by Musk for $54.20 per share in cash in a transaction valued at nearly $44 billion.

Upon completion of the transaction, Twitter will become a privately-held company. The purchase price represents a 38 per cent premium to Twitter’s closing stock price on April 1, which was the last trading day before Musk disclosed his nearly nine per cent stake in Twitter.

Read more:

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