Billionaire Elon Musk reaches lawsuit settlement with former Twitter executives

Billionaire Elon Musk has agreed to pay a settlement to four former Twitter executives who were fired the day he took over the now-rebranded social network X.

Billionaire Elon Musk has agreed to pay a settlement to four former Twitter executives who were fired the day he took over the now-rebranded social network X, according to court documents released on October 8.

When he acquired Twitter for $44 billion in October 2022, Mr. Musk immediately fired CEO Parag Agrawal, CFO Ned Segal, and two top legal leaders Vijaya Gadde and Sean Edgett, accusing them of "serious negligence and willful misconduct."

In March 2024, these former leaders sued Mr. Musk in federal court in San Francisco, demanding $128 million in damages.

They claim they were fired without just cause and Mr Musk tried to “fabricate allegations” to justify his actions.

The plaintiffs also accuse the billionaire of rushing the Twitter deal to close in order to prevent them from receiving about $200 million in stock that was scheduled to vest the very next day.

The amount Mr. Musk agreed to pay was not specified. The tentative agreement is still subject to a number of conditions. If those conditions are not met, the lawsuit will continue on October 31.

Twitter's tumultuous 2022 acquisition led to nearly two-thirds of its workforce being laid off and sparked lawsuits from former employees, customers, and contractors.

In late August, Mr. Musk and X also agreed to settle a class-action lawsuit and several individual lawsuits filed by thousands of employees, demanding severance payments.

In March, the billionaire transferred ownership of X to his generative artificial intelligence startup, xAI./.

(TTXVN/Vietnam+)

Source: https://www.vietnamplus.vn/ty-phu-elon-musk-dat-thoa-thuan-dan-xep-vu-kien-voi-cac-cuu-lanh-dao-twitter-post1069143.vnp