Former Twitter CEO Parag Agrawal, former CFO Ned Segal, former legal and policy director Vijaya Gadde and former general counsel Sean Edgett have filed a lawsuit against the social network’s owner Elon Musk for more than 128 millions of dollars in unpaid severance pay. They were fired immediately after purchasing the service.
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The lawsuit claims the businessman “falsely accused them of inappropriate behavior” and forced them to leave the company. Before this, top managers filed a lawsuit against Musk, writes Reuters.
After the dismissal, the new owner of the social network rejected severance pay to the former directors. The lawsuit claims that each of the top managers was owed one year of salary and “hundreds of thousands of stock options.”
Twitter Inc. was founded in 2006. Elon Musk acquired it in the fall of 2022. The deal was valued at $44 billion.
- In December 2022, the revenue and net profit of the Twitter platform decreased by 40% year-on-year. Analysts attributed the decline to advertisers leaving the social network after Elon Musk joined the company.
- To reduce business costs, Elon Musk reduced the company’s staff by 50%. The wave of layoffs in February 2023 was already the eighth since the purchase of the social network by the American billionaire.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
