SAN FRANCISCO, Oct 9 — Elon Musk has reached a settlement with four former Twitter executives over their dismissal on the day he took control of the social media platform, now called X, according to a court filing yesterday.
SAN FRANCISCO, Oct 9 — Elon Musk has reached a settlement with four former Twitter executives over their dismissal on the day he took control of the social media platform, now called X, according to a court filing yesterday.
Musk acquired Twitter for US$44 billion in October 2022 and immediately dismissed CEO Parag Agrawal, CFO Ned Segal, and top legal executives Vijaya Gadde and Sean Edgett, accusing them of gross negligence and willful misconduct.
The four former executives filed a lawsuit in March 2024 in federal court in San Francisco, seeking US$128 million in compensation. They claimed they were wrongfully terminated without cause and that Musk fabricated allegations to avoid paying their severance.
They further alleged that Musk rushed the acquisition to prevent them from receiving US$200 million in stock options due the following day.
The specific amount of the settlement was not disclosed in the provisional agreement submitted to the court, which remains subject to several conditions. If those conditions are not met, the case is set to proceed on October 31.
Musk’s turbulent 2022 takeover saw nearly two-thirds of Twitter’s workforce laid off and led to a series of lawsuits from former employees, clients, and contractors.
In August, Musk and X also agreed to settle class action and individual lawsuits filed by thousands of ex-employees seeking severance payments.
In March this year, ownership of X was transferred to Musk’s generative artificial intelligence company, xAI. — AFP
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