Twitter bosses entitled to $122 million in ‘golden parachute’ payouts

Twitter’s top executives, including Parag Agrawal and Vijaya Gadde will be entitled to “golden parachute” payouts worth more than $122 million after being fired by the company’s new owner, Elon Musk fired.

A golden parachute is essentially a contract which entitles top executives of a company to substantial benefits in case they lose their jobs following a merger, takeover or acquisition. This measure is also known as a ‘poison pill’ since it can act as a safeguard against hostile takeovers.

In August, US-based corporate research firm Equilar had estimated that ex-CEO Paras Agrawal alone could receive a $42 million payout if he is terminated after the takeover.