Tuesday, March 5, 2024
Year : 2, Issue : 10
Four former top Twitter executives, including former CEO Parag Agrawal, have sued Elon Musk for over $128 million in combined unpaid severance, according to a lawsuit filed on Monday.
The lawsuit, filed in federal court in San Francisco, is the latest in a series of legal challenges the billionaire faces after he acquired the social media company for $44 billion in October 2022 and later renamed it X.
The other plaintiffs are Ned Segal, Twitter’s former chief financial officer; Vijaya Gadde, its former chief legal officer; and Sean Edgett, its former general counsel.
Mere minutes after Musk took control of Twitter, the former executives say they were fired and that Musk falsely accused them of misconduct and forced them out of Twitter after they sued the billionaire for attempting to renege on his offer to purchase the company.
Musk then denied the executives severance pay they had been promised for years before he acquired Twitter, according to the lawsuit. The plaintiffs say they each are owed one year’s salary and hundreds of thousands of stock options.
“This is the Musk playbook: to keep the money he owes other people, and force them to sue him,” the former executives said in the 39-page lawsuit.
