Elon Musk Settles $128M Twitter Exec Lawsuit
▼ Summary
– Elon Musk will settle a $128 million lawsuit with four Twitter executives he fired after acquiring the company in 2022.
– The executives fired were CEO Parag Agrawal, CFO Ned Segal, and lawyers Sean Edgett and Vijaya Gadde, who did not receive severance payments.
– The lawsuit claims Musk withheld severance because the executives tried to enforce his $44 billion purchase commitment when he attempted to back out.
– Musk’s biography quotes him vowing to “hunt every single one” of the executives, which was cited in the legal filing.
– Musk also recently settled a class action lawsuit involving 6,000 laid-off Twitter employees over incomplete or missing severance payments.
Elon Musk has agreed to resolve a high-profile $128 million legal dispute with four former Twitter executives he dismissed shortly after acquiring the social media platform. The settlement brings an end to a contentious lawsuit involving ex-CEO Parag Agrawal, former CFO Ned Segal, and top legal officers Sean Edgett and Vijaya Gadde. These individuals were among the first to be terminated when Musk finalized his $44 billion purchase of the company in 2022.
Following their abrupt dismissals, the executives alleged they were denied severance packages as retaliation for their efforts to enforce Musk’s initial commitment to buy Twitter. Legal documents filed in the case referenced Walter Isaacson’s biography of Musk, which included a particularly harsh statement attributed to the billionaire. According to the book, Musk vowed to pursue the company’s top leadership relentlessly.
A recent court filing indicates that both sides have come to a settlement agreement, though the specific financial and legal terms remain confidential. This resolution prevents a potentially lengthy and public court battle over the circumstances surrounding the executives’ departures.
This lawsuit is not an isolated incident. Musk recently settled another major class action lawsuit involving approximately 6,000 former Twitter employees who were laid off. Many of these individuals reported receiving either partial severance payments or none at all following their termination. The resolution of these cases marks significant steps in addressing the widespread legal challenges stemming from the ownership transition and subsequent operational changes at the company.
(Source: TechCrunch)
