World Courant
A bunch of former Twitter executives, together with former CEO Parag Agrawal, are suing Elon Musk and X over thousands and thousands of {dollars} in unpaid severance advantages. The claims date again to the chaotic circumstances surrounding Musk’s takeover of the corporate in October 2022.
When Musk took management of the corporate, his first transfer was to fireside Agrawal, CFO Ned Segal, chief authorized officer Vijaya Gadde and normal counsel Sean Edgett. In accordance with the lawsuit, Musk had “particular anger” for the group due to the function they performed within the months-long court docket battle that pressured Musk to comply with via with the acquisition after he tried to again out of the deal. In accordance with the lawsuit, Agrawal is entitled to $57.4 million in severance advantages, Segal is entitled to $44.5 million, Gadde $20 million and Edgett $6.8 million, for a complete of about $128 million.
The lawsuit cites Musk biographer Walter Isaacson’s account of the occasions, which explains that Musk rushed to shut the Twitter deal a day early so he may fireplace the executives “for trigger” simply earlier than their remaining inventory choices have been set to vest. In accordance with Isaacson, Musk bragged that the authorized maneuver saved him about $200 million.
“Musk would not pay his payments, believes the principles do not apply to him, and makes use of his wealth and energy to run roughshod over anybody who disagrees with him,” the lawsuit states, “As a result of Musk determined he did not wish to pay Plaintiffs’ severance advantages, he merely fired them with out motive, then made up pretend trigger and appointed staff of his varied corporations to uphold his resolution.”
X didn’t reply to a request for touch upon the lawsuit. Of word, it isn’t the primary time former Twitter staff have sued the corporate for failing to pay severance advantages. A separate lawsuit claimed Twitter owed former staff greater than $500 million in unpaid severance. Agrawal, Segal and Gadde additionally beforehand sued the corporate over unpaid authorized payments on account of shareholder lawsuits and different investigations that resulted from Musk’s takeover,
