Musk’s X settled a $128 million lawsuit with former Twitter executives

Elon Musk and X Corp have reached a settlement with four exes Twitter executives Who claimed they did not receive $128 million in severance pay after Musk acquired the company in 2022.

The terms of the settlement were announced in A San Francisco The federal court filing was not made public last week. A Federal judge On October 1, application deadlines and a scheduled hearing were postponed to allow the parties to finalize the agreement.

MUSK’S

The lawsuit was filed by former CEO Parag Agrawal, former CFO Ned Segal, former Chief Legal Officer Vijaya Gade, and former General Counsel Sean Edgett. they Musk claimed They falsely accused them of misconduct after they sued him for trying to back out of his agreement to buy the company.

Musk refused to provide severance pay that was promised to executives for years before his Twitter acquisition, according to the lawsuit.

Each executive said they were entitled to one year’s salary plus significant compensation for stock options.

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Both X Corp and Musk have denied any wrongdoing and maintained that the executives were fired due to performance issues.

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The case comes on the heels of another large settlement in August, when X agreed to settle a lawsuit brought by former Twitter employees, who said they were entitled to $500 million in severance pay after Mass layoffs.

In 2022, Musk acquired Twitter in a deal worth $44 billion.

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X and attorneys for the plaintiffs did not immediately respond to FOX Business’ request for comment.

Reuters contributed to this report.