Jack Dorsey and Parag Agrawal could shower in cash as Musk takes over Twitter

"Elon’s goal of creating a platform that is “maximally trusted and broadly inclusive” is the right one," said Jack Dorsey

Top executives at Twitter are entitled to receive huge cash payouts
after billionaire Elon Musk on April 26 reached an agreement to acquire the social media platform for approximately $44 billion.

Former Twitter CEO Jack Dorsey, who owns 2.4 percent of the company, is eligible for $978 million cash payout, according to a report. Dorsey has a net worth of $7.20 billion, according to the Bloomberg Billionaires Index.

Twitter CEO Parag Agrawal could get $42 million if he were terminated within 12 months of a change in control at the social media company, according to research firm Equilar.

His total compensation for 2021 was $30.4 million.

Twitter noted that the bid, which represents a 38 percent premium to the closing stock price on April 1, is a substantial cash premium and would be the best path forward for Twitter's stockholders.

When Twitter's board adopted an anti-takeover provision known as a poison pill just 10 days ago, the move was widely seen as the directors gearing up to rebuff Musk's offer or seeking another suitor willing to pay more.

Last week, Musk disclosed he had lined up $46.5 billion including $21 billion of his personal fortune for the purchase. He said other investors could contribute to the financing.

Dorsey has supported Musk's acquisition of Twitter. "Elon is the singular solution I trust," he tweeted. "I love Twitter. Twitter is the closest thing we have to global consciousness," he added.

"The idea and service is all that matters to me, and I will do whatever it takes to protect both," Dorsey wrote. "Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step."

"In principle, I don’t believe anyone should own or run Twitter," the former CEO added. "It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness."