Former Twitter Chairman Omid Kordestani sued the social media firm, claiming that billionaire proprietor Elon Musk is refusing to money out greater than $20 million price of shares he’s owed.
Kordestani served as the corporate’s govt chairman from 2015 to 2020 and stayed on the board for 2 extra years, till Musk purchased the platform for $44 billion. He stated within the criticism that the majority of his compensation was inventory, which he says Musk is refusing to pay out.
Lawyers for the previous chairman declare that X Corp., as Musk renamed the corporate, is in search of to “reap the benefits of Mr. Kordestani’s seven years of service to Twitter without paying him for it.”
The lawsuit, filed in California Superior Court in San Francisco, is the most recent in a collection of authorized actions taken towards Musk by former leaders at Twitter since he took over. In March, 4 ex-executives sued Musk for allegedly withholding greater than $128 million in severance funds after they had been ousted from the corporate.
X declined to remark.
Before his time at Twitter, Kordestani was a longtime enterprise chief at Alphabet Inc.’s Google.
© 2024 Bloomberg LP
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