Elon Musk’s X social media platform, previously Twitter, has reportedly reached a tentative settlement in a $500 million class-action lawsuit over severance pay, the New York Times reports.
The swimsuit stems from when Musk took over Twitter in 2022; he lower greater than 80% of the staff (round 6,000 employees). Many laid-off staff sued, claiming they had been owed severance. Now, virtually three years after the firings, X Corp has settled, although the phrases haven’t been disclosed.
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Oral arguments within the case had been scheduled to start on September 17 in San Francisco.
Fox Business reports that, within the lawsuit, the laid-off staff declare an organization severance plan from 2019 acknowledged that lower staff obtain two months’ base wage — and every week for yearly served. The lawsuit says that some staff affected by the layoffs acquired just one month of severance pay, whereas others didn’t obtain something, per the submitting.
Separate circumstances relating to former senior executives on the firm are nonetheless ongoing.
The severance arbitration circumstances of greater than 2,000 former Twitter staff had been additionally reached. The Instances calls the strikes an “about-face for the billionaire.”
Musk is the richest particular person on the planet, with $379 billion at press time, per the Bloomberg Billionaires Index.
