Elon Musk Faces Legal Battles and Financial Losses Post-Twitter Takeover
In a legal showdown, Elon Musk faces backlash over his 2022 takeover of Twitter. After firing over 6,000 employees, including then-CEO Parag Agrawal, Musk became entangled in multiple lawsuits, including a claim for $500 million in severance promises. A recent ruling saw Musk victorious as Judge Thompson dismissed the case due to procedural notifications post-takeover. Twitter’s workforce has shrunk from 8,000 to 1,500 following Musk’s cost-cutting measures, yet X Corp. reported significant losses of $456 million in the first quarter of 2023. Additionally, Musk still faces lawsuits from Agrawal and other former executives seeking $128 million in severance, alongside claims from senior employees totaling over $1 million.
Category
😹
FunTranscript
00:00In a legal showdown, Elon Musk faced his backlash over the aftermath of his 2022 takeover of
00:05Twitter.
00:06After firing over 6,000 employees, including then-CEO Parag Agarwal, Musk found himself
00:10entangled in multiple lawsuits.
00:12One lawsuit alleged that Musk's company failed to fulfill several promises, triggering
00:16claims of up to $500 million.
00:19However, a recent ruling saw Musk victorious.
00:22Judge Thompson dismissed the case, citing procedural notifications post-takeover.
00:26Since the layoffs, Twitter's workforce has dwindled to 1,500 people, a stark drop
00:30from 8,000 before Musk caught significant measures.
00:34Despite efforts, XCorp reported significant losses, with $456 million in the first quarter
00:39of 2023.
00:40Now, Musk is not out of the water yet for these mass firings.
00:43Another lawsuit, Agarwal and three other former Twitter, Inc. executives are seeking $128
00:47million in severance payments from XCorp after they were let go in the mass firing.
00:52Another lawsuit from former senior employees at Twitter seeks more than $1 million in severance
00:56payments, but Musk says he never agreed to those former employees' benefit plans.