Curated By: Shankhyaneel Sarkar
Last Updated: March 05, 2024, 11:02 IST
San Francisco, California, USA
Parag Agrawal, former CEO of X (previously often known as Twitter) sued the proprietor and CEO of the corporate Elon Musk. (Image: Reuters)
Parag Agrawal, Ned Segal, Vijaya Gadde and Sean Edgett stated Musk fired them moments after he took over as Twitter CEO.
Former CEO Parag Agrawal and three different former prime Twitter executives sued Elon Musk, CEO of X (previously Twitter) for over $128 million in mixed unpaid severance, in keeping with a lawsuit filed on Monday.
A report by information company Reuters stated that the lawsuit was filed in federal court docket in San Francisco. This new lawsuit is the newest in a sequence of authorized challenges the billionaire faces after he acquired the social media firm for $44 billion in October 2022.
Along with the previous CEO Parag Agrawal, Ned Segal, Twitter’s former chief monetary officer; Vijaya Gadde, its former chief authorized officer and Sean Edgett, its former basic counsel are additionally plaintiffs within the lawsuit.
The lawsuit alleges that minutes after Musk took management of the social media firm he fired the previous executives and falsely accused them of misconduct and compelled them out of Twitter after they sued the billionaire for making an attempt to renege on his provide to buy the corporate.
The lawsuit claims that Musk denied executives severance pay that they had been promised for years earlier than he acquired Twitter, in keeping with the lawsuit. Those suing claimed that every of them are owed one yr’s wage and lots of of hundreds of inventory choices.
“This is the Musk playbook: to keep the money he owes other people, and force them to sue him,” the previous executives stated within the 39-web page lawsuit.
X is already dealing with a pair of proposed class actions claiming it owes rank-and-file staff who have been laid off after Musk’s acquisition not less than $500 million in severance, and a 3rd lawsuit by six former senior managers making comparable claims. X has denied wrongdoing.
The firm has additionally been sued beforehand for failing to pay its former public relations agency, landlords, distributors and consultants.
