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A demand initiated by some former Twitter executives against Elon Musk maintains the right to reimburse one million dollars of out-of-pocket expenses related to shareholder legal actions and government requests. Former CEO of Twitter, Parag Agrawalformer legal director of the company, Vijaya Gaddeand former CFO, Ned Segal, They are looking for a refund.
According to The New York Times, the lawsuit filed in a Delaware court alleges that Agrawal, Gadde and Segal are entitled to $1 million in legal fees. who all three allege paid by participating in shareholder lawsuits and government investigations.
One of these investigations includes a Justice Department investigation, the purpose of which is unclear and not detailed in the lawsuit. Agrawal, Gadde and Segal allege that Twitter ignored its obligation to reimburse their legal fees.
“Plaintiffs have incurred significant costs, including but not limited to attorneys’ fees and expenses, in connection with various litigation in which they are involved by virtue of their former positions as employees of Twitter. Accordingly, plaintiffs are entitled to receive an advance of these fees and expenses,” substantiates the claim.
Former Twitter CEO lawsuit
According to the filings, Agrawal and Segal incurred legal fees in a 2022 investigation by the U.S. Securities and Exchange Commission. Both have testified to the SEC, and their lawyer continues to deal with the federal government during the investigation. filing a claim.
Meanwhile, earlier this year, Gadde testified at a House Oversight and Accountability Committee hearing after receiving a subpoena related to her in another case, along with Twitter.
Since he bought Twitter for $44 billion, Elon Musk aggressively cut spending internally, in part to pay off debt taken on to finance the acquisition. The loans have left Twitter with about $1.5 billion a year in debt repayments, while advertising revenue has fallen by about 50%, the billionaire said in a recent statement. In March, he told staff in an email seen by The New York Times that he valued Twitter at $20 billion, less than half of what he paid for it.
In the midst of the Twitter takeover, Musk fired Agrawal and Segal, as well as Twitter General Counsel Sean Edgett, and refused to pay executives tens of millions of dollars in settlement and compensation. So far, Elon Musk has not responded to the filing of this lawsuit.
Source: RPP
I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.