Musk lost his lawsuit over the firing of Twitter executives

In a lawsuit filed in March, Agrawal, former Twitter CFO Ned Segal, former chief legal and policy officer Vijaya Gadde and former general counsel Shawn Edget accuse Musk of firing them when the deal to buy Twitter closed without filing. resignation letters to deny it. them the severance pay.

They refer to Musk’s words taken from his biography written by Walter Isaacson. A businessman, in a conversation with the author of the book, mentions “a difference of 200 million dollars between closing [сделки] this afternoon and tomorrow morning.”

The former top managers say they are entitled to severance pay equivalent to an annual salary, as well as compensation for unexercised options. They demand to pay them 128 million dollars.

Chesney is also considering two other lawsuits filed by Twitter executives, including one from former technology CEO Nicholas Caldwell, who is seeking $20 million in lost severance pay. On Friday, Nov. 1, a judge denied Musk’s request to dismiss Caldwell’s lawsuit.

Twitter Inc. was founded in 2006. Elon Musk acquired it in the fall of 2022. The transaction was valued at $44 billion. Since May of the same year, the SEC has been investigating the businessman for possible violations in the purchase of the company.

• 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 the eighth since the purchase of the social network by the American billionaire.

• In July 2023, Elon Musk renamed Twitter to X. The x.com domain now automatically redirected users to the Twitter website.