Former Twitter chairman is suing X for $20 million over pay he says was ‘wrongfully withheld’

Omid Kordestani, who was Twitter’s govt chairman from 2015 to 2020 and served on the board till Elon Musk acquired it in 2022, is suing X over $20 million price of shares he says the corporate is refusing to pay. Kordestani filed the lawsuit on Friday with a California superior court.

Per the lawsuit, Kordestani left a excessive paying job at Google to hitch Twitter, which provided him a “considerably decrease” wage of simply $50,000 however sweetened the cope with inventory choices, performance-based restricted inventory models and restricted inventory models. These — amounting to $20,112,000 — had been presupposed to have been paid out when Musk acquired Twitter and changed the board, however X has failed to take action, based on the lawsuit. “X Corp. seeks to reap the advantages of Mr. Kordestani’s seven years of service to Twitter with out paying him for it, regardless of clear contractual language requiring X Corp. to take action,” it says.

A number of lawsuits have been filed within the wake of Musk’s Twitter acquisition from staff alleging they weren’t paid correctly after they had been laid off or fired. Former earlier this yr, claiming they had been fired “with out cause” and are owed tens of millions of {dollars} in unpaid severance. The newest lawsuit says that “Mr. Kordestani is one in every of many former Twitter staff whose compensation has been wrongfully withheld by X Corp. following Elon Musk’s buy of the Firm in October 2022.”