Lawyer salary

Before Musk stock buy, Twitter’s top lawyer’s salary jumped 130% (1)

Twitter Inc., which has a new CEO and major shareholder in Elon Musk, has seen its chief legal officer Vijaya Gadde receive a salary increase of around 130% in 2021.

Gadde’s total compensation was more than $16.9 million last year, the San Francisco-based company disclosed in a preliminary annual proxy statement filed April 1. That’s an increase from the roughly $7.3 million she earned in 2020.

The securities filing came before Musk, the chief executive of Tesla Inc., became Twitter’s biggest investor on Monday by taking a 9.2% stake in the company. The move – Musk recently criticized Twitter’s platform, which he frequently uses for his public musings – sent the social media giant’s share price skyrocketing.

Twitter stock price closed Monday at $49.97 per share. Musk is the richest person in the world, according to the Bloomberg Billionaires Index. He paid nearly $2.9 billion for his stake in Twitter, a stake now worth $3.6 billion.

Twitter did not respond to a request for comment on Gadde’s salary package.

Vijaya Gadde from Twitter

Photo: David Paul Morris/Bloomberg

Compensation jumped primarily due to a stock award of $15.5 million and $450,000 of compensation under a non-stock incentive plan, both substantial increases from the $6.6 million dollars and $144,000 she had earned a year earlier. His base salary remained stable at $600,000.

Twitter also gave more than $400,000 to Gadde in additional compensation, which the company detailed as $3,000 in 401(k) matching contributions and “$397,329 in personal security services.”

Gadde has previously spoken publicly about the legal and public policy challenges that come with his stance on social media, such as balancing free speech and fighting “Twitter trolls” and the magnification of political speech.

The company made waves when it announced in November 2021 that billionaire co-founder Jack Dorsey would step down as CEO and be replaced by Parag Agrawal, the company’s former chief technology officer.

Gadde owns Twitter shares valued at more than $29 million, according to data from Bloomberg. Securities filings show that over the past year, she has sold more than $4.3 million worth of company stock. Gadde is also a board member of Guardant Health Inc.

Legal links

The former Wilson Sonsini partner Goodrich & Rosati joined the firm in 2011 and became its top lawyer two years later. Over the years, Gadde has become one of Twitter’s most important executives, advising on everything from routine legal matters to permanently suspending Twitter. Account of former President Donald Trump.

Gadde’s sister earned nearly $370,000 in salary and cash last year in her role as director of mobile app advertising platform MoPub, according to the Twitter proxy. Twitter sold the platform for $1 billion in cash to AppLovin Corp in October 2021. Kavitha Gadde became vice president of ad technology solutions at AppLovin this month, according to her LinkedIn profile.

Perkins Coie and Wilmer Cutler Pickering Hale and Dorr have represented Twitter in nearly half of its federal litigation over the past five years, according to Bloomberg data. Last year, the company called on WilmerHale to defend it in a lawsuit brought by former President Donald Trump.

Other law firms that also represented Twitter during this time include Cooley; Wilson Sonsini; Keker, Van Nest & Peters; Mayer Brown; and Orrick, Herrington & Sutcliffe.

Peer payment

Twitter’s proxy lists nearly two dozen companies that it identifies as peers.

One of them is GoDaddy Inc., which in a preliminary proxy filed on April 1 revealed that its new chief legal officer, Michele Lau, had received more than $6.7 million in total compensation last year. . Nearly $6.2 million of this amount consisted of equity awards.

Lau, a former associate general counsel and corporate secretary of McKesson Corp., was hired by GoDaddy last summer to succeed Nima Kelly, who retired after nearly two decades as the hosting company’s top lawyer. Web and domain name registration. Kelly’s 2021 salary package was valued at over $2.4 million.

She resigned as GoDaddy’s chief legal officer in July 2021 and served as a consultant until the end of the year. Securities filings show Kelly sold more than $1.5 million worth of company stock last year. She currently owns GoDaddy stock valued at nearly $4.9 million, according to Bloomberg data.

In November, Kelly was announced as the new chief operating and compliance officer for True Wind Capital Management LLC, a San Francisco-based private equity firm that invests in technology companies.