Jack Dorsey retains indirect stake in Twitter after Musk took over: Report

Twitter co-founder Jack Dorsey has retained an indirect stake in the social media network, reported news agency Reuters citing a securities filing, days after Elon Musk took over the company for $44 billion. Dorsey, 45, had stepped down from the Twitter board of directors on May 26. He had been a director since 2007 and was most recently Twitter CEO from mid-2015 until his resignation last year as the CEO. Parag Agrawal had taken over his role after the resignation.

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Billionaire Elon Musk completed his deal to take over Twitter last week after a bitter legal battle with the social media platform. He had pulled the plug on the buyout deal in July, claiming that he was misled by Twitter over the number of bot accounts on its platform.

Immediately after, he fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal, and the company's legal affairs and policy chief Vijaya Gadde. Musk had accused them of misleading him and Twitter investors over the number of fake accounts on the platform, reports said.

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Meanwhile, it was revealed that Parag Agrawal will be vesting 100 per cent of his unvested equity awards as a part of the deal. According to research firm Equilar, this means that he will make an estimated $42 million, reported Reuters. The estimate includes a year's worth of Parag's base salary as well as accelerated vesting of all equity awards.

(With inputs from agencies)