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A gaggle of former Twitter executives, together with former CEO Parag Agrawal, are suing Elon Musk and X over hundreds of 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 was to fireplace Agrawal, CFO Ned Segal, chief authorized officer Vijaya Gadde and common counsel Sean Edgett. In keeping with the lawsuit, Musk had “particular ire” for the group due to the function they performed within the months-long courtroom battle that compelled Musk to comply with by with the acquisition after he tried to again out of the deal. In keeping 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 of the occasions, which explains that Musk rushed to shut the Twitter deal a day early so he may hearth the executives “for trigger” simply earlier than their remaining inventory choices have been set to vest. In keeping with Isaacson, Musk bragged that the authorized maneuver saved him about $200 million.
“Musk doesn’t pay his payments, believes the principles don’t 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 didn’t need to pay Plaintiffs’ severance advantages, he merely fired them with out motive, then made up faux trigger and appointed staff of his numerous firms to uphold his resolution.”
X didn’t reply to a request for touch upon the lawsuit. Of be aware, it’s not 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 in unpaid severance. Agrawal, Segal and Gadde additionally the corporate over unpaid authorized payments on account of shareholder lawsuits and different investigations that resulted from Musk’s takeover,
