In more than a year, Musk’s side was able to provide only flimsy reasons for the termination, according to the lawsuit filed Monday by former boss Parag Agrawal, among others. There was initially no response from Musk.
Musk bought the short-messaging service Twitter for about $44 billion in October 2022. He fired the managers immediately after the takeover was completed. The reasons given included “gross negligence” and “willful misconduct” – but the dismissal letters did not contain any examples of these, the lawsuit said. Success bonuses to lawyers who had persuaded Musk, who was reluctant at the time, to close the Twitter deal, as well as bonus payments to employees, were later cited as justification.
The executives also pointed to Musk’s biography published several months ago, which detailed how he wanted to quickly fire them before they could cash in their stock options.
The share packages also play a central role in the demands of the ex-managers. Agrawal is seeking approximately $57.36 million. Of this, only $1 million is the annual salary he is entitled to under the severance agreement. Former CFO Ned Segal is asking for almost $44.5 million and legal assistants Vijaya Gadde and Sean Edgett are each asking for $20 million and almost $6.8 million. In total, approximately $128.6 million was raised.
Musk has now renamed Twitter X and wants to use the service to, among other things, build a universal platform for communication and job search. He admitted several times that turnover had halved after the takeover due to the departure of major advertising clients. (sda/dpa/con)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
