Elon Musk Settles Twitter Severance Dispute with Former Executives
Four former top executives of Twitter, including former CEO Parag Agrawal, have reached a settlement with Elon Musk and X Corp over unpaid severance payments. The executives, who were fired after Elon Musk's takeover, claimed they were owed over $128 million.
The lawsuit, filed in a US district court, alleged that Elon Musk denied the executives their severance pay after dismissing them. Elon Musk claimed 'gross negligence' and 'willful misconduct' in termination letters but did not provide supporting facts. The executives countered that they were fired due to performance issues. The settlement terms remain undisclosed, contingent upon certain conditions met by Elon Musk. Parag Agrawal, the former CEO, was entitled to an annual salary of $1 million, $12.5 million in company stock, and a $60 million 'golden parachute' payment in case of an involuntary termination.
The former executives accused Elon Musk of falsely alleging misconduct and pushing them out after they sued him over his attempt to back out of the Twitter purchase. They argued that Elon Musk finalized the acquisition prematurely to avoid paying stock options worth $200 million.
Elon Musk and X Corp have settled the severance pay dispute with the former Twitter executives. The settlement, though not disclosing the terms, is a resolution to the legal battle that began after Elon Musk's takeover of Twitter. The involved former executives are Parag Agrawal, Ned Segal, Vijaya Gadde, and Sean Edgett.
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