Elon Musk will settle a $128 million Twitter lawsuit

Elon Musk agreed to settle with Four senior Twitter executives fired After purchasing the company in 2022, they sued the billionaire over more than $128 million in unpaid bonuses last year.

An update to the case filed in the US Northern District Court in California says the parties — former Twitter CEO Parag Agrawal, CFO Ned Segal, Chief Legal Officer Vijaya Jade, and General Counsel Sean Edgett — reached an undisclosed settlement with Musk and the renamed X Company. The settlement agreement depends on meeting “certain conditions” in the near-term that were not specified in the filing, with current deadlines postponed under the lawsuit to give Musk time to meet those obligations.

the The lawsuit was filed in March 2024 After a long feud with former executives, who accused Musk of closing the $44 billion Twitter acquisition early to “cheat” them and out of $200 million before their stock options were due to vest the next day. The complaint cites a quote from Musk in Walter Isaacson’s book Elon Musk biography, saying that closing the deal early in the day would create “a two hundred million dollar difference in the cookie jar,” and claims that the billionaire told Isaacson that he would “hound every single one of the” Twitter executives and directors “until the day they die.”

The lawsuit against Musk and X will resume on October 31 if the terms of the settlement are not met. Also the tenth Settled “thousands” of cases In August after former employees were laid off during a mass firing He filed a lawsuit against the company in 2022 For failure to provide the required 60 days advance notice prior to termination.