Parag Agrawal, chief technology officer at social-media platform Twitter since 2017, has been promoted to the top job following co-founder Jack Dorsey’s resignation says The Times of India.
The new chief executive officer, born in India and studying computer science at the Indian Institute of Technology, Bombay, and Stanford in the US, will receive an annual $1m salary, plus a bonus of up to 150 percent of the base salary. The board will also grant Agrawal restricted stock units (RSUs) worth $12.5m, 2018, according to a recent filing.
According to Bloomberg, Trevor Milton, the founder of Nikola, sold 11.7 million shares, worth $131m, in the US electric maker last week. The former chairman has off-loaded a total of $284m worth since August.
In July, Milton pleaded not guilty to charges of having misled investors over aspects of the business, including the development of prototype vehicles, before posting a $100m bail in the US. The share price has fallen by around 85% since June 2020.
Milton stood down from his position in July 2020 and is now awaiting trial after denying the accusations.
Kris Paterson is a writer for WhatJobs.com