Economics/Class Relations

$88 million for getting fired

Nicholas Carlson October 28, 2022 Insider Today

Hello, Insiders. Waking up this morning really felt like the dawn of a new day. After weeks (months!) of will-he-or-won’t-he, Elon Musk is officially Twitter’s new owner. Musk, a self-described “free-speech absolutist,” is now at the helm of one of the most popular social networks.

 

So buckle up, because a lot might be about to change. In the space of an evening, Musk appears to have already fired at least four top execs — including CEO Parag Agrawal. And experts say employees should expect a major vibe shift under Musk. The laid-back, flexible culture honed by former CEO Jack Dorsey may not mesh well with Musk’s hands-on nano-management style.

Follow along with @TechInsider (fittingly, on Twitter) for the latest.

The latest
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The big story
Patrick Pleul/Getty Images; Vicky Leta/Insider
You heard correctly, Twitter is now an Elon Musk company. 

 

After months of legal wrangling, one of the most high-profile takeover sagas in recent memory finally came to an end. Though it wasn’t much of a surprise, considering Musk changed his Twitter bio to “Chief Twit” and literally carried a sink into the social network’s headquarters this week.

 

As Musk took control last night, Twitter’s CEO Parag Agrawal and chief financial officer Ned Segal were among the company’s top execs to be fired, according to sources. However, sometimes it pays to get ousted, as the top ranks stand to make a total of $88 million in payouts between them.

But as the buyout saga closes, questions are now being asked about the future of the company. Musk has already been mobbed at a Twitter coffee shop by people concerned about potential job cuts, and he is also said to be working on a “super app.” For employees, the day-to-day is also likely to look very different. One workplace culture expert said Musk’s “autocratic and challenging” leadership style is unlikely to gel with the “openness and flexible mindset that is integral to Twitter’s culture now.”

 

It’s a turning point in Twitter’s history and to mark the occasion, Musk tweeted: “the bird is freed.”

Read the full story. 

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Today’s sound bite
“He pretty much pays for everything, and then I get a monthly girlfriend allowance. It’s very sophisticated. We have a whole Google Sheet where I mention what I want to spend money on.”
TikTok’s Zoe Rae on being a stay-at-home girlfriend — listen to the full segment on The Refresh from Insider
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Today’s team
Nicholas Carlson (@nichcarlson), Hallam Bullock (@hallam_bullock), Lisa Ryan (@lisarya), and Shona Ghosh (@shonaghosh).
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