Musk settles former Twitter executives’ suit over severance

Elon Musk has agreed to settle a $128m (£100m) lawsuit introduced by 4 former high executives at Twitter, now X, over unpaid severance when he took over the corporate.The executives, who embody former CEO Parag Agrawal, argued that Musk fired them “with out motive” after he purchased Twitter in 2022 and denied them severance funds.”The events have reached a settlement and the settlement requires sure circumstances to be met within the close to time period,” attorneys for the plaintiffs wrote in a court docket submitting final week. They didn’t disclose the phrases of the settlement.The swimsuit, filed final 12 months, is considered one of a number of authorized challenges over unpaid severance for employees who had been laid off after Musk took over.Legal professionals for the previous Twitter executives, and for Musk and X, didn’t instantly reply to requests for touch upon the settlement.The previous high brass – Mr Agrawal, former chief monetary officer Ned Segal, former chief authorized officer Vijaya Gadde and former normal counsel Sean Edgett – contended of their lawsuit that they’re owed one 12 months’s wage and inventory awards, below a years-old severance plan.In addition they stated Musk’s transfer was a part of a sample of refusing to pay former workers what they had been due.In August, Musk and X agreed to settle a separate lawsuit filed by roughly 6,000 former rank-and-file Twitter staff who argued they had been owed $500m in severance pay.Musk bought Twitter in 2022 for $44bn, after initially attempting to again out of his supply. After the acquisition closed, he instantly moved to fireplace high leaders on the firm, together with the 4 executives. Musk slashed Twitter’s workforce by greater than half.Of their lawsuit, the previous high officers contend that Musk was pissed off about being pressured to finish the acquisition and that the multi-billionaire falsely accused them of misconduct to push them out.