The Daily Mail is reporting that part of Elon Musk’s quid pro quo with banks and lenders includes slashing the salaries of top executives and board members at Twitter.
This comes as Musk seeks to make Twitter more profitable in a variety of ways, which also includes firing other eight-figure executives and charging for certain accounts or access to his privately held platform.
On April 18th, Musk revealed his basic math, noting the elimination of each of the eleven board member’s $3 million salaries would begin cost savings immediately.
The $TWTR board’s interests aren’t waligned with TWTR shareholders. The board serves to represent shareholders. If they refuse to act in the best interest of SHs, they should be removed and replaced by new board members who understand their fiduciary obligations. https://t.co/MqsysyktkT
— Gary Black (@garyblack00) April 17, 2022
In addition to saving millions on the useless board’s salaries and pay bonuses, Musk can also cut from superfluous leadership roles. The Daily Mail writes:
“CEO Parag Agrawal only took over in November, but is set to earn a cool $30 million in 2022, thanks largely to $29 million of stock options he was given as part of his promotion.
Agrawal, who took over from co-founder and former CEO Jack Dorsey, has a ‘Change in Control’ clause in his contract, The Hollywood Reporter said, citing Twitter’s most recent proxy filing.
That would mean he receives a $38million payout if he’s fired.”
Though Musk has not yet named a new CEO for when his ownership is complete, it is hard to see how he would justify a $30 million salary for the top figure. Those will be additional savings. Moreover, there are even more superfluous roles that can simply be eliminated altogether. The Daily Mail continues:
“And Vijaya Gadde, Twitter’s chief legal officer is also likely to face a huge pay cut – if she stays.
She earned a salary of $600,000 last year, as well as a whopping $17 million in stock options. Musk has already taken Gadde – nicknamed the ‘moral authority of Twitter’ – to task for censoring factual stories about Hunter Biden’s laptop.”
Cryptically, there are also hints that Elon Musk already has a new CEO lined up, though he is not prepared to announce it yet. In the interim, Musk has named himself as the temporary chief executive officer. He is also the CEO of Tesla.
Elon Musk’s purchase of Twitter continues to rattle leftist cages. He has only just begun implementing much-needed and much-hoped for changes, but a dismantling of current leadership is a great start.
With conservatives reporting record increases in subscriber counts, it is clear something has already happened as a net positive of his $44 billion bid to control and reimagine free speech in the 21st century.
Hailey Sanibel fiercely loves freedom. She equally detests evil and stupidity, both of which are out of control in the modern world. She is a regular contributor at The Blue State Conservative.
This article was syndicated with permission from Blue State Conservative