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
The terms of the settlement, which were announced last week in a filing in federal court in San Francisco, have not been made public. A federal judge postponed filing deadlines and a scheduled hearing on Oct. 1 so both sides could finalize the agreement.
MUSK’S
The lawsuit was filed by ex-CEO Parag Agrawal, former CFO Ned Segal, former chief legal officer Vijaya Gadde and former general counsel Sean Edgett. They alleged that Musk falsely accused them of misconduct after they sued him for trying to back out of his deal to buy the company.
Elon Musk attends the Viva Technology conference dedicated to innovation and startups at Porte de Versailles Exhibition Center on June 16, 2023 in Paris, France. (Chesnot/Getty Images / Getty Images)
According to the lawsuit, Musk refused to pay the severance package that executives were promised years before his acquisition of Twitter.
Each director said he was owed one year’s salary plus significant stock option compensation.
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A Twitter logo is seen outside the company’s headquarters in San Francisco, California, US, April 25, 2022. (REUTERS/Carlos Barria / Reuters)
X Corp and Musk have denied any wrongdoing and insisted the executives were fired over performance issues.
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This case follows another major settlement in August, when
Parag Agrawal walks to a morning session during 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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Reuters contributed to this report.
