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Former Twitter executives are suing Musk for 118 million euros

2024-03-05 10:27:30Lifestyle SHKRUAR NGA REDAKSIA VOX

Former Twitter executives are suing Musk for 118 million euros

Former top Twitter executives have sued Elon Musk and X Corp., saying they are entitled to a total of more than $128 million (118 million euros) in unpaid severance pay.

Former Twitter CEO Parag Agrawal, Chief Financial Officer Ned Segal, Chief Legal Counsel Vijaya Gadde and General Counsel Sean Edgett allege in the lawsuit filed Monday that they were fired without cause in 2022 when Musk completed the acquisition of Twitter, which later renamed X.

Because he didn't want to pay for their severance, executives say Musk "created false causes and named employees of his various companies to support his decision."

The lawsuit says the non-payment of severance and bills is part of a pattern for Musk, who is being sued by "crowds" of former Twitter employees who didn't receive severance pay after Musk fired thousands.

The former executives claim their severance plans entitled them to a year's salary plus unvested stock awards valued at Twitter's purchase price. Musk bought the company for $44 billion, or $54.20 per share, taking control in October 2022.

They say they were all fired without cause. Under the separation plans, "cause" was narrowly defined, such as conviction for a crime, "gross negligence" or "willful misconduct."

According to the lawsuit, the only reason Musk gave for the firings was "gross negligence and willful misconduct," in part because Twitter paid fees to outside lawyers for their work closing the acquisition.

The executives say they were asked to pay the fees to fulfill their fiduciary obligations to the company.

"If Musk thought the attorneys' fee payments, or any other payments, were improper, his remedy was to seek termination of the deal — not to stop the executive severance payments after the deal closed," the lawsuit states. X faces an "absurd" number of lawsuits over unpaid bills, the suit says.


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