Elon Musk's X is sued by the former chairman of Twitter for $20 million in shares.
Elon Musk was previously sued by former Twitter executives who claimed he had withheld more than $128 million in severance payments from them after they were fired.
Claiming that billionaire owner Elon Musk is refusing to cash out more than $20 million worth of shares he is owed, former Twitter chairman Omid Kordestani filed a lawsuit against the social media business.
Before Musk paid $44 billion to acquire the platform, Kordestani was the company's executive chairman from 2015 to 2020 and remained a member of the board for an additional two years. The majority of his compensation, he claimed in the complaint, was stock, which Musk was allegedly unwilling to give him.
X Corp., as Musk renamed the business, is allegedly trying to “reap the benefits of Mr. Kordestani's seven years of service to Twitter without paying him for it,” according to the former chairman's attorneys.
The complaint is the most recent in a string of legal actions former Twitter executives have launched against Musk since he took over, and it was filed in California Superior Court in San Francisco. Following their termination from the firm, Musk was accused by four former executives of withholding more than $128 million in severance money, which led to their lawsuit in March.
What's Your Reaction?
