Tuesday, December 5th, 2023

Former Twitter CEO Parag Aggarwal gave a big blow to Elon Musk, read full news

Photo:FILE Parag Aggarwal and Elon Musk

Former Twitter CEO Parag Agarwal, ex-legal chief Vijaya Gadde and other executives have dealt a big blow to Elon Musk. In fact, Delaware Chancery Court Judge Kathleen St. J. McCormick ruled in favor of Agarwal and the team. The court held that Twitter breached its duty to cover legal expenses from the money he earned from working for the company. After this, the court has ordered X Corp run by Elon Musk to pay 1.1 million dollars (9.15 crore) as legal fees.

Musk was sued in April

Indian-origin Twitter CEO Agarwal, former legal chief Gadde and former chief financial officer Ned Segal had sued Musk-run Twitter in April this year over unpaid legal bills of more than $1 million. In October last year, Musk informed Aggarwal, Gadde and Segal that their employment with the company had ended, as he took control of the micro-blogging platform. According to the lawsuit, the trio alleged that Twitter would have to pay them more than $1 million. These expenses were incurred in several hearings to answer questions by the Justice Department and the Securities and Exchange Commission (SEC).

Parag Aggarwal got about 40 million dollars

According to the lawsuit, Gadde was named as a plaintiff in the securities class action in February of this year, when the plaintiffs in that action filed an amended class action complaint, according to the lawsuit. According to reports, when these three top executives left Twitter, they had an exit package of around $90-100 million. Parag Agarwal received the biggest payout of around $40 million, mainly due to his shares in Twitter, which he was to receive after being fired from his job. Agarwal and Segal were named as defendants in a securities class action in September while both were still working at Twitter.

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Input: IANS

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