00:00 Former Twitter executives, including ex-CEO Parag Agarwal, have filed a lawsuit against
00:07 tech mogul Elon Musk, seeking over $128 million in combined unpaid severance.
00:15 The lawsuit, filed on Monday in federal court in San Francisco, is the latest in a string
00:20 of legal challenges faced by Musk since he acquired the social media giant for $44 billion
00:26 in October of 2022, subsequently renaming it X.
00:31 The other plaintiffs joining Agarwal in the legal battle are Twitter's former chief
00:35 financial officer, Ned Siegel, its former chief legal officer, Vijay Gadde, and Sean
00:41 Edgett, its former general counsel.
00:44 The crux of their complaint revolves around Musk allegedly firing them mere minutes after
00:48 taking control of Twitter, with the executives claiming that they were unjustly accused of
00:53 misconduct and forced out of the company.
00:57 The executives argue that Musk denied them the severance pay they were promised for years
01:01 before the acquisition, with each plaintiff asserting that they are owed one year's salary
01:07 and hundreds of thousands of stock options.
01:10 The lawsuit, which is a 39-page document, paints a picture of what the former executives
01:14 describe as "Musk the playbook" to keep the money he owes other people and force them
01:20 to sue him.
01:21 Meanwhile, X, as the rebranded Twitter is now known, is already grappling with a pair
01:26 of proposed class actions claiming it owes rank-and-file workers who were laid off after
01:31 Musk's acquisition at least $500 million in severance.
01:35 Adding to the legal quagmire is a third lawsuit filed by six former senior managers echoing
01:40 similar claims of unpaid severance.
01:43 X vehemently denies any wrongdoing, but this legal saga doesn't end here.
01:47 The company has also faced previous lawsuits for allegedly failing to pay its former public
01:52 relations firm, landlords, vendors and consultants.
01:55 Despite numerous legal entanglements, X has not responded to any requests for comment.
02:00 As this legal drama unfolds, the tech industry watches closely, observing the clash between
02:05 the former Twitter executives and Elon Musk, a man renowned for his influence and unorthodox
02:11 business strategies.
02:12 [music]
Comments