A lot happening at Twitter these days…here are a few nuggets:
No parachutes. We all expected top brass at Twitter to get canned when Elon Musk took over, but Elon fired top executives with a twist – he terminated them “for cause,” which would invalidate all of their cash and severance payments under their employment agreements.
The top executives fired so far include CEO Parag Agrawal, CFO Ned Segal, senior legal executive Vijaya Gadde and General Counsel Sean Edgett.
Bold, but likely to be challenged in litigation, so how this plays out remains to be seen. The message is clear though, no more business as usual at the Bird.
Rollover. One notable remaining shareholder of Twitter who didn’t take the Musk buyout offer is Jack Dorsey himself. According to filings, he still owns 18M shares of Twitter worth around $1B and apparently is all in on Musk’s reset plans for the company.
‘God-level trolling.’ Major financial media outlets got pranked by a couple of high-level trolls who posed as fired employees outside Twitter HQ. The names should have been a giveaway – Rahul “Ligma,” which is a popular internet meme involving private parts (google if you need more explanation…) and Daniel Johnson. CNBC really took the bait and reported a ‘team of data engineers’ had been laid off.
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