Former Twitter Executives Sue Elon Musk for $128 Million in Severance
Four former executives of X formerly Twitter had sued the Elon Musk and X Corp for not paying the severance payments. These executives claimed a wholesome amount of the $128 million unpaid.
The former CEO of Twitter Parag Agrawal, CFO Ned Segal and two members from legal team prosecuted against the Elon to fire them without prior notice. Elon did this when he was done with Twitter purchase in an acquisition. These employees charged that they were promised a severance pay – once they are fired without prior noticed. Hence, in this case they did not received any of the severance pay.
The case was filled in the San Francisco court on this Monday. They called it a “cavalier attitude” for firing them without any reason and demonstration. Furtherly, they pointed out a number of things in their 39-page lawsuit.
They mentioned that under the Musk supervision Twitter has become a law deviant. He is making an ultimate hate speech place to Twitter.
A quartet of ousted Twitter executives are suing Elon Musk for allegedly sitting on $128 million in severance payments that he owes them after drumming them out of the company amid his takeover in late 2022. https://t.co/IAcVLIvCC8
— The Daily Beast (@thedailybeast) March 5, 2024
According to these executives they claim to owe the one year salary and stock options. They pointed out in their lawsuit that he does not pay bills to sub offices of Twitter as he believes that the rules does not implies to him. He can use his wealth and power against anyone who disagrees with him.
The lawsuit claims that Musk cited “gross negligence and willful misconduct” as the sole reason for the firings. Which stem from the fact that Twitter compensated outside lawyers for their assistance in finalizing the transaction. The executives claim they had a fiduciary obligation to the corporation and were compelled to pay the fees.
The lawsuit contends that if Musk believed the attorneys’ fees payments, or any other payments, were inappropriate, his recourse should have been to pursue termination of the deal, rather than withholding executives’ severance payments once the deal had been finalized.
Elon or X, however, made no official statement in response to any of these lawsuits.
