Parag Agarwal may seem like he was on the losing side in the Twitter battle, but new details have emerged that indicate otherwise. Parag Agarwal’s payments have been disclosed in the company’s SEC filings. The details come amid rumours that Musk is trying to avoid massive payments to former Twitter executives. Earlier reports have suggested that Musk terminated executives “for cause” that could give him a chance to avoid payment.
The SEC filing, as seen by ANI, shows that Agarwal is likely to receive the biggest payout among the former Twitter executive. They are expected to receive a salary of $57.4 million (approximately Rs 475 crore), while Segal and Gedde are expected to receive $44.5 million and $20 million respectively.
Further details reveal that the three executives will also earn through their stock positions in the company. He holds a total of 1.2 million shares. Musk will have to pay the promised amount of $54.20 for these shares. The report suggests those payments would be $8.4 million to Agarwal, $22 million to Sehgal and $34.8 million to Gadde.
The cumulative payout is estimated at $122 million
The total payment to these three is in the millions of dollars, which can be a huge loss for Musk as well. The cumulative payout is estimated at $122 million (approximately Rs 1,009 crore).
Elon Musk recently announced major changes to the platform via Twitter Blue, a premium subscription introduced last year. This subscription service will also become a new source of income for the micro-blogging platform. Musk has combined the benefits of being a verified user on Twitter with Twitter Blue. Musk has announced an $8 monthly fee for this service. However, he also ensured that this duty would be adjusted for the Purchasing Power Parity (PPP) of different countries. In India, taking into account the PPP, the price can be anywhere from Rs 150 to Rs 200.
Musk will also introduce a new set of features to justify the price of the subscription. Users will not only get a blue tick, but the ability to answer, mention, and search priority (Musk claims this will be necessary to defeat spam/scams). You will also be able to post longer videos and audio on the platform. Additionally, the frequency of ads will be halved, according to Musk.