If Musk's $44 billion acquisition of the social media giant closes, Jack Dorsey, the co-founder and former CEO of the company, is poised to receive a significant windfall. Dorsey, who has declined to take a salary from the company and instead chose to take a $1.40 annual paycheck, owns over 18 million shares of the company. According to a report from The Wrap, under Musk's offer to buy the company for $54.20 per share, he would give the company's CEO a cash windfall of over $1 billion.
If the deal closes, the company's current CEO, Parag Agrawal, would get a significant compensation package. According to the company's latest proxy filing, if Musk brought in new management, he would get $38.7 million. The total compensation for the year was $30.4 million.
Ned Segal, the company's CFO, would get $25.4 million if the company sold and Musk took over. The chief legal officer of the social media giant would get $12.4 million, while the chief customer officer of the company would get $11.2 million.
Following the news that the social network had accepted Musk's takeover offer, the CEO of the company expressed his approval. In a thread that starts out with a link to a song, I don't think that's right. It wants to be a public good, not a company. The singular solution I trust the most is the one that solved the problem of it being a company. I trust that he will extend the light of consciousness.
In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.
— jack
(@jack) April 26, 2022
Musk's goal of creating a platform that is broadly trusted and inclusive is the right one, and it meshes with the vision of the platform as well, according to Dorsey. He said that this is the right path, and that he is happy that he will continue to serve the public conversation.
The subdued reaction to the news was due to the fact that there is a purpose and relevance that impacts the entire world. Our teams are inspired by the work that has never been more important.
If the deal goes through, it is not known if Agrawal will remain as CEO. Musk stated in the SEC filing that he did not have confidence in the current management of the company, which could mean that the executives may not stay on.
The transaction, which was unanimously approved by the board, is expected to close this year.
You may ask how we got here. Here is a complete timeline of the Musk saga.
Twitter accepts Elon Musk’s $44B acquisition offer
A complete timeline of the Elon Musk-Twitter saga
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