Parag Agrawal and team win $1.1 mn in legal fees from Musk’s X

San Francisco: Former Twitter CEO Parag Agrawal, former policy lead Vijaya Gadde and other executives have won $1.1 million in legal fees from Elon Musk-run X Corp.

Reports said on Wednesday that Delaware Chancery Court Judge Kathaleen St. J. McCormick ruled in favour of Agrawal and the team as Twitter “violated its duties to cover legal expenses generated by their work for the company.”

Indian-origin Twitter CEO Agrawal, ex-legal head Gadde and former chief financial officer Ned Segal sued Musk-run Twitter in April this year over unpaid legal bills in excess of $1 million.

In October last year, Musk informed Agrawal, Gadde and Segal that their employment with the company was terminated as he took control of the micro-blogging platform.

According to the lawsuit, the trio alleged that Twitter has to pay them more than $1 million for legal fees they incurred while at the company to respond to queries by the Department of Justice and Securities and Exchange Commission (SEC) in several hearings.

Agrawal and Segal were named as defendants in the Securities Class Action in September while both still were working at Twitter.

Gadde was named as a defendant in the Securities Class Action in February this year, when plaintiffs in that action filed an Amended Class Action Complaint, according to the lawsuit.

According to reports, these three top executives had an exit package of around $90-100 million when they left Twitter. Agrawal was set to receive the largest payout at around $40 million, largely due “to the entirety of his shares vesting upon his firing”.


Investors to focus on inflation data from India, US

New Delhi: In the upcoming data-centric week, the focus will be on crucial releases, including inflation data from India and the US, says Vinod Nair, Head of Research at Geojit...

Banks, midcaps and small caps continue to power stock market rally

Mumbai: The markets are on a roll and the situation is so as the state election results a week ago indicate ongoing stability to continue after the general elections due...

Hyundai, Kia’s combined exports set to hit 2 mn in 2023

Seoul: Hyundai Motor, South Korea's top carmaker, and its sister company, Kia, are set to post combined exports of 2 million units in 2023, data showed on Sunday, on the...

India’s forex reserves rise to 4-month high

Mumbai: India's foreign exchange reserves rose to an over four-month high of $604.04 billion as of December 1, according to the latest data released by the RBI on Friday. During...

SpiceJet mulling equity raise amidst financial turbulence, board meeting on Dec 11

New Delhi: SpiceJet will deliberate on raising fresh capital through the issue of equity shares in its Board meeting on December 11, according to a stock exchange filing. "This is...

Sarvam AI raises $41 mn led by Lightspeed, largest by an Indian AI startup

Bengaluru: Indian generative AI startup Sarvam AI on Thursday said it has raised $41 million in its Series A round led by Lightspeed and supported by Peak XV Partners and...

India’s LIC ranks 4th in world’s top life insurance companies list

New Delhi: India's state-owned Life Insurance Corporation (LIC) has emerged as the fourth largest life insurer in the world, according to a new ranking, on the basis of life and...

Nifty headed towards 21K, Sensex towards 70,000

New Delhi: Even though the undertone is bullish, the market is likely to consolidate in the near-term since up moves will be countered with profit booking by DIIs and individual...

Government, PSUs, Defence sector witness 14% upsurge in hiring

New Delhi: The Government, PSU (Public Sector Undertakings), and Defence industries experienced a 14 per cent upsurge in hiring on a month-over-month (MoM) basis in the country, showing the maximum...

Small & midcaps outperform Nifty in 2023

New Delhi: Mid and small caps outperformed largecaps and have risen 36 per cent and 46 per cent, respectively, versus the 11 per cent rise for the Nifty in calendar...

‘Toughen up’: Indian-origin billionaire backs Narayana Murthy’s 70-hr work week advice

New Delhi: Indian-American businessman and co-founder of Sun Microsystems, Vinod Khosla has backed Infosys founder NR Narayana Murthy's suggestion that India's youth must work 70 hours every week to improve...

NIFTY at new lifetime highs, BSE SENSEX to follow

New Delhi: It was a shortened week at the bourses with Monday being a trading holiday. Markets gained on three of the four trading sessions and lost on one. Sharp...

Read Previous

OpenAI’s Sam Altman invests in Indian-origin teenagers’ AI startup

Read Next

Virat declines World Cup ticket requests from friends, Anushka adds ‘don’t ask me for help’

Leave a Reply

Your email address will not be published.

WP2Social Auto Publish Powered By :