Jack Dorsey will reportedly receive IDR 14 trillion if Elon Musk’s $44 billion acquisition is completed. To note, Dorsey has been refusing a salary from the company in favor of receiving annual income for his 2.4% stake in the company, with more than 18 million shares.
Musk’s takeover bid costs $54.20 each share, so Dorsey will receive $978 million in cash, The Wrap reports.
Twitter CEO Parag Agrawal will also receive significant compensation if Musk plans to create a new management. Agrawal will receive $38.7 million according to a clause in his contract, according to the company’s latest proxy filing. Agrawal’s total compensation for 2021 is $30.4 million, mostly in shares.
As for other Twitter executives such as the company’s CFO, Ned Segal will earn $25.4 million if the company sells and brings in new management. Chief legal officer Vijaya Gadde will receive $12.4 million, while chief customer officer Sarah Personette will receive $11.2 million.
Following news of Elon Musk’s takeover of Twitter, Dorsey expressed his approval of the proposed acquisition. In a tweet, Dorsey said, “In principle, I don’t believe anyone should own or run Twitter. (Twitter) wants to be a public good at the protocol level, not a company. Solving the problem of being an enterprise, however, Elon is the single solution I believe. I believe in its mission to expand awareness.”
According to Dorsey, Musk’s goal of creating a fully trusted and broadly inclusive platform is a true goal and is in line with Agrawal’s vision for Twitter.