Twitter’s co-founder and former CEO Jack Dorsey is poised to receive a hefty pay cheque when Elon Musk’s $44 billion acquisition of the social engagement platform closes. Dorsey will get the significant payday as his Twitter shares would be converted into cash.
The Twitter co-founder had declined to take a salary from the company and instead chose to take a $1.40 annual paycheck. He owns 2.4% of the company, with just over 18 million shares. Under Musk’s offer to buy each Twitter share $54.20, Dorsey would receive a $978 million in cash, according to a report from The Wrap.
Twitter’s current CEO Parag Agrawal would also be set for a hefty compensation package if the deal closes. If Musk were to bring in new management, Agrawal would receive $38.7 million due to a clause in his contract, according to the company’s latest proxy filing. Agrawal’s total compensation for 2021 was $30.4 million, largely in stock awards.
As for other Twitter executives, the company’s CFO, Ned Segal, would receive $25.4 million if the company sold and Musk brought in new management. The social media giant’s chief legal officer Vijaya Gadde would get $12.4 million, whereas Twitter’s chief customer officer Sarah Personette would receive $11.2 million.
Following the news that Twitter had accepted Elon Musk’s takeover offer, Dorsey expressed his approval of the proposed acquisition.
“Everything In Its Right Place,” Dorsey said that “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.”
Dorsey went on to say that Musk’s goal of creating a platform that is “maximally trusted and broadly inclusive” is the right one and that this goal aligns with Agrawal’s vision for the platform as well. He concluded by saying that “this is the right path” and that he is “happy Twitter will continue to serve the public conversation.”