Ex-Twitter Chairman Sues X for $20 Million in Shares
Prior to this, ex-Twitter executives filed a lawsuit against Elon Musk, accusing him of deliberately withholding over $128 million in severance payments after their removal from the company.
Omid Kordestani, the former Chairman of Twitter, filed a lawsuit against the social media business. He alleges that billionaire owner Elon Musk refuses to sell shares worth over $20 million that Kordestani deserves.
Kordestani held the position of executive chairman at the firm from 2015 to 2020 and remained on the board for an additional two years until Musk acquired the platform for $44 billion. In his case, he said that the majority of his remuneration consisted of stock, which he claims Musk is refusing to disburse.
The legal representatives of the former chairman argue that X Corp., which Musk renamed the firm, is attempting to “exploit the advantages of Mr. Kordestani’s seven years of service to Twitter without compensating him for it.”
The complaint, filed at the California Superior Court in San Francisco, is the most recent legal action brought against Musk by former executives at Twitter since he assumed control. In March, four former executives filed a lawsuit against Musk. They accused him of intentionally withholding over $128 million in severance payments after their removal from the business.
X refrained from providing a remark.
Prior to his tenure at Twitter, Kordestani had a prominent executive position at Alphabet Inc.’s Google.
CREDIT: Allneeds, Gadgets360
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