Niles Investment Management Founder and Portfolio Dan Niles discusses Tesla’s potential $1 trillion compensation plan for Elon Musk on “The Claman Countdown.”
Elon Musk and
Terms of the settlement, announced last week in a court filing in San Francisco, were not made public. On October 1, a federal judge postponed filing deadlines and a scheduled hearing to allow both sides to finalize the deal.
MUSK’S
The lawsuit was filed by former CEO Parag Agrawal, former CFO Ned Segal, former general counsel Vijaya Gadde and former general counsel Sean Edgett. They claimed Musk falsely accused them of misconduct after they sued him for trying to renege on his agreement to buy the company.
Elon Musk attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center on June 16, 2023, in Paris, France. (Chesnot/Getty Images/Getty Images)
Musk refused to pay severance promised to executives years before his acquisition of Twitter, according to the lawsuit.
Each executive said they were owed a year’s salary as well as significant compensation in stock options.
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A Twitter logo is seen in front of the company’s headquarters in San Francisco, California, United States, April 25, 2022. (Reuters/Carlos Barria/Reuters)
X Corp and Musk have denied any wrongdoing and claimed the executives were fired due to performance issues.
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This case follows another major settlement in August, when
Parag Agrawal walks to a morning session at the Allen & Company Sun Valley Conference on July 7, 2022, in Sun Valley, Idaho. (Photo by Kevin Dietsch/Getty Images / Getty Images)
In 2022, Musk acquired Twitter in a $44 billion deal.
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X and the plaintiffs’ attorneys did not immediately respond to FOX Business’ request for comment.
Reuters contributed to this report.
