Omid Kordestani, a key figure in Twitter's history, is taking legal action against X Corp. over millions in unpaid stock following Elon Musk's takeover.
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| Former Twitter chairman Omid Kordestani is suing Elon Musk's X for $20 million in unpaid stock, adding to the growing legal troubles surrounding the platform. |
NY, August 11, 2024:
Kordestani, who served as Twitter's executive chairman from 2015 to 2020 and remained on the board until Elon Musk's takeover in 2022, claims that his compensation package primarily consisted of stock options and performance-based bonuses. He argues that these shares were supposed to be paid out upon Musk's acquisition of the company but have been withheld by X.
The lawsuit, filed in a California court, highlights a growing pattern of financial disputes surrounding Musk's ownership of Twitter. Several former employees, including high-level executives, have filed similar lawsuits alleging unpaid wages and severance packages.
Kordestani's legal action adds to the mounting pressure on Musk and X to address the financial fallout of the company's acquisition. The outcome of this case could have significant implications for other former employees who are seeking compensation.