look news india
New Delhi: Elon Musk's troubles are increasing due to former Twitter CEO Parag Aggarwal. In fact, four former top executives including Parag Aggarwal have filed a case against Elon Musk worth more than $128 million.
Those filing the lawsuit against Musk include Twitter's former chief financial officer Ned Segal, former chief legal officer Vijay Gade and former general counsel Sean Aggett.
Why was Musk sued?
The reason for filing the case against Musk is that he is accused of firing former executives of the company without any reason. Musk is said to be owed US$128 million.
Musk acquires Twitter in the year 2022
In fact, after paying $44 billion, Musk removed the company's chief executive Parag Aggarwal and acquired Twitter.
Parag and many other officers were thrown out of the company. Musk later changed the name of the platform to X (handled X).
Filed in the U.S. District Court for the Northern District of California. According to a report in The New York Times, Agarwal's offer letter for the position stated that he would receive an annual salary of US$1 million in addition to US$12.5 million in shares.
to musk money from former officials have to pay
According to Twitter securities filings, Agarwal was entitled to a so-called golden parachute payment of US$60 million in the event of his dismissal.
According to the document, Segal would receive US$46 million and Gad would receive US$21 million under similar circumstances.
Musk claims that he can fire executives without cause and without pay during a company acquisition.
To save approximately US$200 million in his payout, Musk informed his biographer Walter Isaacson that he would be giving up executive severance benefits.