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News on Medial
Twitter violated contract by failing to pay millions in bonuses, US judge rules
Economic Times
·
1y ago
Medial
In a recent ruling, a US judge has declared that Twitter violated its contract by failing to pay millions of dollars in bonuses to its top executives. The judge's decision follows a lawsuit filed by two former Twitter employees, who argued that the company had promised them substantial stock awards as part of their compensation. This judgement could potentially have significant financial repercussions for Twitter.
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Related News
Suit against X, formerly Twitter, over unpaid bonuses can proceed: judge
Economic Times
·
1y ago
Medial
A federal judge has allowed a lawsuit against social media company Twitter to proceed, in which workers claim they were promised but never received millions of dollars in bonuses. The lawsuit, filed by a former senior director of compensation, alleges breach of contract under California law. The judge ruled that the plaintiff had validly stated a breach of contract claim and that an oral promise can be considered a binding contract. The dispute involves more than $5 million and represents nearly 2,000 current and former employees. Twitter has yet to comment on the matter.
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US judge rejects SEC bid to sanction Elon Musk
Economic Times
·
7m ago
Medial
A federal judge in San Francisco rejected the SEC's request to sanction Elon Musk for failing to appear for court-ordered testimony in the investigation of his Twitter takeover. The judge said sanctions were unnecessary since Musk testified later and agreed to pay travel costs. The SEC sought a declaration that Musk violated a court order, but Musk argued he complied by testifying. The SEC's request was deemed moot. Musk had been investigated for potentially violating securities laws in acquiring Twitter shares. In 2018, Musk settled with the SEC over his Twitter posts about taking Tesla private.
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Elon Musk's X will go to court after failing to pay staff millions in annual bonuses
Business Insider
·
1y ago
Medial
A federal judge has allowed a lawsuit to proceed against X (formerly known as Twitter) for allegedly failing to pay staff their promised annual bonuses. The lawsuit was filed by Mark Schobinger, the company's former head of compensation, on behalf of himself and thousands of other current and former employees. The total amount owed exceeds $5 million. The judge ruled that the case would be governed by California law and that claims for dismissal from X's lawyers had failed. This is just one of the legal troubles faced by X in recent months.
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Judge sides with US SEC, says Terraform Labs crypto founder Do Kwon violated law
Economic Times
·
1y ago
Medial
A federal judge has ruled that Do Kwon and his company, Terraform Labs, violated US law by failing to register two collapsed digital currencies. The judge supported the Securities and Exchange Commission's case against the implosion of the TerraUSD and Luna currencies. Both sides were denied summary judgment on fraud claims, and the case is scheduled for trial in January 2024. Kwon, who has been charged with fraud, is currently fighting extradition to the US. The collapse of the cryptocurrencies resulted in an estimated loss of $40 billion and affected the value of other cryptocurrencies.
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Elon Musk's X Corp loses lawsuit against hate speech watchdog
Economic Times
·
1y ago
Medial
A judge in San Francisco has dismissed a lawsuit filed by X Corp against the Center for Countering Digital Hate (CCDH), a nonprofit organization critical of the rise in hate speech on Twitter since Elon Musk's involvement. U.S. District Judge Charles Breyer granted the dismissal, suggesting that Musk may have targeted the nonprofit due to disagreement with its stance. X Corp accused CCDH of breaching its user contract by creating false reports that X had become a platform for hate speech. The lawsuit sought damages in the tens of millions of dollars.
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US sues Elon Musk for allegedly failing to disclose early Twitter stock purchase
Inshorts
·
6m ago
Medial
The US Securities and Exchange Commission has sued Elon Musk for allegedly failing to disclose his ownership of Twitter stock and later acquiring shares in the company at artificially low prices. The lawsuit seeks to force Musk to pay civil fine and disgorge profits he didn't deserve. Musk purchased Twitter for $44 billion in October 2022, and renamed it X.
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Special counsel got a search warrant for Twitter to turn over info on Trump’s account
Startup News FYI
·
1y ago
Medial
Twitter, now known as X, found itself in legal turmoil as it was slapped with a $350,000 fine by a federal judge for failing to meet the deadline to comply with a search warrant related to former President Donald Trump's account. Court documents released on Wednesday revealed this development.
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US judge signals Elon Musk's X may lose case against hate speech watchdog
Economic Times
·
1y ago
Medial
A U.S. judge is considering dismissing X Corp's lawsuit against the nonprofit group, the Center for Countering Digital Hate (CCDH). X accused CCDH of causing significant financial damages by spreading false and misleading reports about hate speech on the social media platform once known as Twitter. The judge questioned whether CCDH could have foreseen Elon Musk buying Twitter and changing its policies, and suggested that X's lawsuit violated California's anti-SLAPP law. X also sued the European Climate Foundation, alleging data gathering conspiracies. Since Musk took over Twitter, the platform has been criticized for allowing harmful and abusive posts.
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Elon Musk may be compelled to testify again in SEC's Twitter takeover probe
Economic Times
·
1y ago
Medial
A federal judge may compel Elon Musk to testify again in the SEC's investigation into his Twitter takeover. Lawyers for Musk argued against the SEC's request for him to testify, alleging harassment with subpoenas. The judge did not make a decision during the hearing. The investigation focuses on whether Musk violated securities laws during his 2022 purchase of Twitter, now known as X. Musk has previously provided documents and testified for the SEC, but the agency seeks further testimony due to new documents. This ongoing dispute stems from Musk's 2018 tweet about taking Tesla private.
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US judge allows dismissed Twitter execs, including ex-CEO Parag Agrawal, to sue Elon Musk for severance
Livemint
·
8m ago
Medial
California district court judge has allowed former Twitter executives, including ex-CEO Parag Agrawal, to pursue lawsuits against Elon Musk for severance pay. The executives claim that Musk terminated their roles with Twitter during his acquisition in order to cheat them of their severance benefits. Musk and his company X are facing multiple legal claims over severance pay disputes after acquiring Twitter and subsequently firing numerous staff members.
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