Ex-CEO Parag Agarwal, different ousted execs sue Twitter, search $1Mn in reimbursements
As soon as once more, Twitter has discovered itself embroiled in a lawsuit. This time, the authorized expenses have been filed by a number of the former prime executives of the social media firm earlier than it was purchased by Elon Musk final yr.
Parag Agarwal, former CEO of Twitter, together with Vijaya Gadde (Twitter’s former common counsel) and Ned Segal (former CFO on the firm) have collectively filed a lawsuit in opposition to the favored microblogging website, looking for reimbursements of over $1 million. Based on media reviews, Agarwal claims within the lawsuit that Twitter is legally certain to reimburse them for prices of litigation, investigations, and congressional inquiries associated to their former jobs on the social media firm.
When approached for a touch upon the matter, Twitter continued its new-found apply of responding with a poop emoji. Based on AFP, the courtroom submitting lays down bills associated to inquiries by the US Securities and Alternate Fee (SEC) and the Division of Justice (DOJ). Nevertheless, it doesn’t comprise particulars in regards to the nature of the investigation, or whether or not these investigations are nonetheless ongoing or not.
The paperwork spotlight that Agrawal and Segal, who had been the CEO and the CFO at Twitter at the moment, supplied testimony to the SEC in 2022, and since then, “have continued to have interaction with federal authorities.” Vijay Gadde was additionally concerned in a US Congressional listening to regarding large tech and freedom of speech after the revelation of the “Twitter Recordsdata” when it got here to content material moderation. Moreover, Gadde was cited in a lawsuit by a person who alleged that he was “doxed” as a white supremacist on Twitter.
The SEC is at present investigating whether or not Musk had complied with securities guidelines when he amassed Twitter shares and revealed his provide to accumulate Twitter to unlock its “extraordinary potential.” After a number of months, authorized tussles, and chaotic drama, Musk lastly acquired the social media platform in October and promptly fired Agarwal and different prime execs. Since then, his hostile takeover was characterised by big layoffs, chaos, and indecision at Twitter as Musk continued to “reduce prices like loopy” amidst a drop in revenues.