November 30, 2022

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Jack Dorsey slated to make $978Mn publish upon shut of Elon Musk’s twitter acquisition

Twitter Co-founder and Former CEO Jack Dorsey is all set to stroll away with a whopping $978 Mn if Twitter and Elon Musk efficiently shut the deal resulting in the previous gaining sole management of the platform.

Elon offered Twitter’s 11-member board with an spectacular supply to take the corporate personal at $54.20 per share earlier this month. As each events got here to an settlement at Elon’s initially quoted worth, shareholders with sizeable stakes within the firm are slated to recieve cheerful financial institution Statements.

Dorsey, who stepped down as Twitter CEO in November 2021, has a 2.4% stake within the firm, which sums as much as be round 18 million shares. At Musk’s hefty worth of $54.20 per share, Dorsey’s slice of the pie would find yourself being $978 Mn.

Dorsey received’t be the one one anticipating a paycheck. Twitter’s present CEO Parag Agrawal, CFO Ned Segal and Chief Authorized Official Vijaya Gadde, might be making $38.4 Mn, $25.4 Mn and $12.4 Mn respectively. It is because these positions being of such excessive significance, include a “Change in management clause” of their job contracts. This clause permits for compensation if the corporate faces a change in management which ultimately results in them shedding their positions. The clause exists since these people report back to the board of a “Publically traded entity”.

Different executives who may very well be recieving payouts in a similar way embrace Chief Buyer Officer Sarah Personette ($11.2 Mn), board chair Bret Taylor (~$3 Mn) and former board chair Omid Kordestani ($50.6 Mn).

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By the way, Dorsey not too long ago displayed vocal and exemplary religion in Elon Musk as a visionary match for the corporate’s future. His successor Parag Agrawal, then again, suggested his workers to take the information with a grain of salt, saying the platform is headed in the direction of an unsure future.