Following Twitter’s board of directors unanimous recommendation to shareholders for voting in favor of Musk’s takeover deal, there’s a new update. In an SEC filing on Tuesday, the board gave its nod for adoption of the merger agreement. Also, Twitter CEO Parag Agrawal’s future could also be decided soon.
‘In Best Interest Of Twitter’
In the backdrop of Elon Musk raising multiple doubts over the social media giant’s user accounts, the deal finally took the giant stride with the filing. The board directors unanimously approved that the merger agreement is advisable and in the best interests of Twitter and its stockholders.
Twitter’s shareholder would receive $54.20 if the acquisition is completed. The board of directors informed,
“If the merger is completed, you will be entitled to receive $54.20 in cash, without interest and subject to any applicable withholding taxes, for each share of our common stock that you own.”
CEO Parag Agrawal’s Compensation
Meanwhile, Twitter chief executive officer Parag Agrawal is reportedly in for an exit from the company. According to reports, Agrawal’s future roadmap could be decided after Twitter’s takeover. If the CEO gets fired after the deal, he could get a compensation of around $42 million.
Agrawal took charge as Twitter CEO in November last year, meaning he is less than one year into the top position. On the other side, Musk’s financial requirements could also have an impact on the timeline before the takeover.
All eyes were on Musk after he initially expressed interest to takeover Twitter in a hostile bid. In April, Musk was included in the board of directors.
However, this followed a lull in the entire episode after Musk expressed doubts over the social media’s user base. He went on to put a temporary hold stating that the number of fake accounts has to be assessed.
Earlier, Twitter offered to provide Musk with the ‘firehose’, which has raw data on hundreds of millions of tweets.