Dick Costolo would allegedly receive no severance pay from Twitter after willfully resigning from his post as CEO, but he would be endowed with millions worth of stock shares.
A month ago, Costolo faced a slew of controversial questions related to Twitter's dwindling revenue and his job's security. He said that he's united with the board and wasn't leaving anytime soon. But, despite this optimism, the world saw him step down from his position as CEO this June.
Twitter co-founder Jack Dorsey would temporarily fill the CEO post while Twitter looks for Costolo's substitute. However, Dorsey would maintain his incumbent function as CEO at Square, while providing pro bono CEO work at Twitter.
Taking the place of one of Twitter's founding members Evan Williams, Costolo rose as Twitter's CEO in 2010. He did major overhauls in the social media titan that made Twitter's value skyrocket at Wall Street.
During his reign, Twitter's Form S-1 was 198% was on a year-on-year profit surge. Time put him in its 10 most influential tech CEOs list in 2013.
However valuable Costolo's achievements are in the past, he wouldn't receive a dime from Twitter because he left on his own volition.
"Since Costolo voluntarily stepped down, he's not entitled to anything, as seen below. All of his unvested stock will also be cancelled out," Business Insider journalist Eugene Kim reported.
He further said that if Costolo was fired it would be a totally different story: he would have received more than $25 million dollars.
Fortune said that what we learn from Costolo's demise is simple: you stay private unless you're already sustainable-unless you're Google-big.
"The lesson of Dick Costolo's Twitter tenure is clear: Do not go public unless you are wildly profitable and growing like gangbusters. That strategy has worked out well for Facebook, its stock rising 31% each year and its a bungled IPO a distant memory. Others, like Etsy, On Deck Capital, and Castlight Health are all learning this lesson the hard way."
