[이데일리 김무연 기자] Purag Agrawal, the new Twitter CEO after founder Jack Dorsey, is expected to receive an annual salary of about 1.2 billion won. In addition, they will receive additional rewards such as high performance pay and stocks. This contrasts with the former CEO of Dossi, who claimed to be the lowest paid on Twitter.
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On the 30th (local time), CNBC reported that Twitter’s new CEO, Agrawal, would receive a salary of $1 million. He will also receive a bonus of about $2.5 million. From February 1, next year, Twitter shares will be allocated on a regular basis in 16 quarters. The stock to which he will be allocated is worth $12.5 million (about 14.78 billion won).
In the city where he previously served as CEO, his salary was only $1.4 (about 1,700 won). Twitter co-founder Dorsey has been paid a low salary to show the company’s long-term growth potential.
Despite his absurdly low salary, he currently owns a fortune of more than $12 billion (about 14.2 trillion won). Elon Musk, CEO of Tesla, the world’s number one electric car maker, also did not receive a salary, but became the world’s richest person.
The reason Agrawal receives such a high salary is because the board expects him to play a role as a professional manager. Earlier, Doshi established a mobile payment company Square, focused on cryptocurrency investment, and took over a stake in music streaming service Tidal, but failed to achieve great results.
The Twitter board is significant because Agrawal has developed and operated a number of projects that are effectively responsible for Twitter’s performance. Agrawal joined Twitter’s advertising department as an engineer in 2011, where he applied machine learning models to advertising and timelines, helping to boost the company’s performance. In fact, Twitter’s revenue model was born through his hands.
Earlier this year, Twitter announced that it would increase its annual revenue from new product development and subscription services from $3.7 billion in 2020 to $7.5 billion by 2023. In addition, it has set a target to increase the number of daily active users from 152 million announced in the fourth quarter of 2019 to more than 315 million by the fourth quarter of 2023.
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