Home
Social networking
Social networking News
Elon Musk's X Sued for $20 Million in Shares by Ex Twitter Chairman

Elon Musk's X Sued for $20 Million in Shares by Ex-Twitter Chairman

Former Twitter executives previously sued Elon Musk for allegedly withholding more than $128 million in severance payments after they were ousted.

By Madlin Mekelburg and Kurt Wagner, Bloomberg | Updated: 10 August 2024 10:43 IST

Elon Musk's X Sued for $20 Million in Shares by Ex-Twitter Chairman

Photo Credit: Reuters

Elon Musk rebranded Twitter to X in July 2023

Click Here to Add Gadgets360 As A Trusted Source

Highlights

A former Twitter executive has sued Elon Musk's X platform
Omid Kordestani is seeking $20 million in shares he is owed
He served as Twitter's executive chairman from 2015-2020

Former Twitter Chairman Omid Kordestani sued the social media company, claiming that billionaire owner Elon Musk is refusing to cash out more than $20 million worth of shares he is owed.

Kordestani served as the company's executive chairman from 2015 to 2020 and stayed on the board for two more years, until Musk bought the platform for $44 billion. He said in the complaint that the bulk of his compensation was stock, which he says Musk is refusing to pay out.

Lawyers for the former chairman claim that X Corp., as Musk renamed the company, is seeking to “reap the benefits of Mr. Kordestani's seven years of service to Twitter without paying him for it.”

Elon Musk's X Agrees to Not Use Personal Data of EU Users for AI Training

The lawsuit, filed in California Superior Court in San Francisco, is the latest in a series of legal actions taken against Musk by former leaders at Twitter since he took over. In March, four ex-executives sued Musk for allegedly withholding more than $128 million in severance payments after they were ousted from the company.

X declined to comment.

Before his time at Twitter, Kordestani was a longtime business leader at Alphabet Inc.'s Google.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.