Fired Twitter head honchos sue Elon Musk for over $128M

[Coloroscopio]

 

Twitter’s (now known as X) saga continues with a hefty lawsuit. Four former top brass, including ex-CEO Parag Agrawal, CFO Ned Segal, legal and policy departments chief Vijaya Gadde, and general counsel Sean Edgett, are suing Elon Musk and the company for a cool $128 million in what they claim is unpaid severance. This lawsuit adds fuel to the fire of legal challenges X is facing following Musk's takeover and subsequent layoffs.

 

Fired "for cause" but claiming breach of contract, the lawsuit alleges these executives were entitled to severance payments under their contracts if the company went private. They claim Musk orchestrated their dismissal just before the privatization, effectively preventing their stock options from vesting and dodging severance obligations. It paints a picture of a cold shoulder, detailing how their email access was cut off the moment they were let go – Agrawal even lost access while trying to send his resignation letter.

 

The lawsuit throws shade at Musk’s business practices, accusing him of arrogance and a disregard for financial commitments. It claims he employs tactics to withhold money owed, forcing individuals into legal battles. It even goes as far as alleging Musk harbors "lifelong revenge" against the executives, suggesting he intends to pursue them indefinitely.

 

This dispute is just one chapter in a larger story of discontent surrounding X. Former employees, landlords, and vendors have all filed their own lawsuits against the company, alleging nonpayment of various dues. A class action lawsuit by ex-managers and engineers seeking $500 million in unpaid severance and claims from landlords and vendors for unpaid bills add to the mounting pressure.

 

 

• https://www.theverge.com/2024/3/4/24090000/elon-musk-twitter-x-lawsuit-parag-agrawal-severance
• https://mashable.com/article/twitter-x-elon-musk-128-million-severence-executives
• https://www.nydailynews.com/2024/03/04/four-fired-twitter-top-execs-sue-elon-musk-severance/

 

 

Opening image: Olena Churilova | Dreamstime.com