Jack Dorsey was famous for refusing a salary when he ran Twitter as CEO. The co-founder took a minimum paycheck of $1.40 annually, barely enough to buy a single candy bar once a year.
Don’t shed a tear for Dorsey; he’s going to be fine when the sale of Tesla to Elon Musk becomes official. Just fine.
You see, when Dorsey stepped down as CEO late in 2021, he took with him over 18 million shares of Twitter stock, roughly 2.4%, which means when Musk pays him $54.20 per share, Dorsey is going to clear just shy of one billion dollars. $978 million, to be exact.
When Musk blows out CEO Parag Agrawal, the guy who’s been in the big chair for less than six months, he’ll take home just shy of $40 million himself. Why? Agrawal had what is called a “Change in Control” Claus in his contract. It means that in his role, he specifically would report to the “board of directors of a publicly-traded entity.” With Musk taking the company private after his deal passes go, it would trigger the Claus for Agrawal to get filthy rich.
The chairman of Twitter’s board, Bret Taylor, is in line to make $3 million in the sale, and former board chair Omid Kordestani will clear a cool $50.6 million.
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