Right after Elon Musk finalized the $44 billion deal to take over Twitter on 28th October 2022, Twitter¡¯s then CEO Parag Agrawalwas among the first ones to be fired by the billionaire. Fast forward to today, i.e. nearly a year and a half after that incident, Twitter¡¯s former CEO Parag Agrawal is suing Elon Musk for $128 million. But why?
Former CEO Parag Agrawal, Former CFO Ned Segal, Former Chief legal Officer Vijaya Gadde, and Former General Counsel Sean Edgett are suing Elon Musk and the company now known as X (formerly Twitter), mentioning that they have not been paid more than $128 million in severance payments, as per The Wall Street Journal report.
As per the lawsuit filed in federal court in San Francisco, Musk fired the four top executives and then denied them severance pay which they had been promised for years. The plaintiffs mention that each of them are owed one year's salary and hundreds of thousands of stock options. "This is the Musk playbook: to keep the money he owes other people, and force them to sue him," the former executives said in the 39-page lawsuit.
In the complaint filed in the US District Court for the Northern District of California, Agrawal's lawyers noted (as quoted by Bloomberg), ¡°Under Musk¡¯s control, Twitter has become a scofflaw, stiffing employees, landlords, vendors, and others. Musk doesn¡¯t pay his bills, believes the rules don¡¯t apply to him, and uses his wealth and power to run roughshod over anyone who disagrees with him."
Also Read:?From?Parag Agrawal?To Elon Musk: List Of Twitter CEOs & Their Net Worth
This is neither the first nor the only lawsuit faced by billionaire Elon Musk and Twitter.?X (formerly Twitter) is already facing two proposed class actions claiming it owes rank-and-file workers who were laid off after Elon Musk's acquisition at least $500 million in severance, and a third lawsuit by six former senior managers making similar claims. X has however, denied wrongdoing, as per Reuters report.?X has also been previously sued for?failing to pay?its former public relations firm, landlords, vendors and consultants.
For the latest and more interesting financial news, keep reading Indiatimes Worth.?Click here