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Former Twitter CEO sues Elon Musk over USD20M stock dispute
(MENAFN) Former Twitter CEO Omid Kordestani has initiated legal action against the social media company, now owned by billionaire Elon Musk, claiming that Musk is withholding more than USD20 million in stock compensation owed to him. Kordestani, who served as Twitter's executive chairman from 2015 to 2020 and remained on the board until Musk's USD44 billion acquisition of the platform, alleges that the majority of his compensation was in the form of stock, which Musk is refusing to disburse.
The lawsuit, filed in California Superior Court in San Francisco, asserts that X (formerly Twitter) is attempting to benefit from Kordestani's seven years of dedicated service without compensating him accordingly. Kordestani's legal team argues that Musk's refusal to pay the stock owed is unjust, particularly given Kordestani's significant contributions to the company during his tenure. This lawsuit is the latest in a series of legal actions brought against Musk by former Twitter leaders since his acquisition of the platform.
In a related case, four former Twitter executives filed a lawsuit against Musk in March, accusing him of withholding more than USD128 million in severance payments following their dismissal from the company. X has declined to comment on Kordestani's lawsuit or the earlier legal actions. Before his time at Twitter, Kordestani was a prominent business leader at Alphabet Inc's Google, where he played a key role in the company's growth and development.
The lawsuit, filed in California Superior Court in San Francisco, asserts that X (formerly Twitter) is attempting to benefit from Kordestani's seven years of dedicated service without compensating him accordingly. Kordestani's legal team argues that Musk's refusal to pay the stock owed is unjust, particularly given Kordestani's significant contributions to the company during his tenure. This lawsuit is the latest in a series of legal actions brought against Musk by former Twitter leaders since his acquisition of the platform.
In a related case, four former Twitter executives filed a lawsuit against Musk in March, accusing him of withholding more than USD128 million in severance payments following their dismissal from the company. X has declined to comment on Kordestani's lawsuit or the earlier legal actions. Before his time at Twitter, Kordestani was a prominent business leader at Alphabet Inc's Google, where he played a key role in the company's growth and development.
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