Nilofer Kordestani, the former president of Twitter, has filed a lawsuit against Elon Musk for $20 million in stock he claims has not been paid. The suit, filed in California Superior Court in San Francisco, accuses X Corp. of withholding profits accrued by Kordestani during his time at the company.
Kordestani, who joined Twitter in 2015 to address challenges related to corporate structure and operations, received an initial salary of $50,000 annually along with options and restricted stock units based on his performance. These shares were contingent on the former president’s performance and the future value of Twitter.
Kordestani’s attorneys argue that “X” seeks to profit from Mr. Kordestani’s seven years of service at Twitter without adequately compensating him.” The suit notes that under his leadership, Twitter experienced remarkable growth, including a $1.5 billion increase in annual revenue and a milestone profitability.
Despite receiving equity when the company was sold to Musk in 2022, Kordestani claims Musk has failed to pay out 800,000 stock options, valued at more than $20 million. The suit adds to a series of previous legal actions against Musk, who already faces claims from four other former executives for withholding more than $128 million in severance pay after they were fired.
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