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, Dorsey would receive a $978 million in cash.
Dorsey famously 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 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.
(Except for the headline, this story has not been edited by Sambad English staff and is published from a syndicated feed.)