Elon Musks X settles fired Twitter executives $128M severance pay lawsuit | Latest Tech News
Elon Musk and X Corp. have reached a settlement in a lawsuit by 4 former top executives at Twitter, including former CEO Parag Agrawal, who declare they weren’t paid $128 million in promised severance pay after Musk acquired the social media company and fired them.
The phrases of the settlement, which was first announced in a submitting in San Francisco federal court last week, weren’t disclosed.
A federal choose on Oct. 1 pushed back submitting deadlines and a listening to in the case so the settlement will be finalized.
Twitter CEO Parag Agrawal and other executives sued Elon Musk, claiming they weren’t paid $128 million in promised severance pay after Musk acquired the social media company and fired them. REUTERS
X in August agreed to settle a separate lawsuit by rank-and-file Twitter workers who misplaced their jobs during mass layoffs and claimed they have been owed $500 million in unpaid severance.
The circumstances are among a collection of legal challenges that Musk, the world’s richest particular person, has confronted after he acquired Twitter for $44 billion in 2022, cut more than half of its workforce and renamed it X.
X and legal professionals for the previous Twitter executives didn’t immediately reply to requests for remark.
The plaintiffs are Agrawal; Ned Segal, Twitter’s former chief financial officer; Vijaya Gadde, its former chief legal officer; and Sean Edgett, its former normal counsel.
Musk at Twitter headquarters in October 2022 when he purchased the platform. Twitter account of Elon Musk/AFP
The former executives say that Musk falsely accused them of misconduct and pressured them out of Twitter after they sued him for trying to renege on his offer to buy the company.
Musk then denied the executives severance pay that they had been promised for years before he acquired Twitter, according to the lawsuit.
The plaintiffs say they each are owed one 12 months’s wage and tons of of hundreds of {dollars}’ value of stock choices.
Musk and X have denied wrongdoing and said the executives have been fired over their efficiency.
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