Tag: parag agrawal

Former Twitter CEO Parag Agrawal, Others to Sue Twitter Over Legal Bills

Three top Twitter executives who were sacked by Elon Musk last year when he took over the social media company filed suit on Monday, seeking to be reimbursed for costs of litigation, investigations and congressional inquiries related to their former jobs.

Ex-CEO Parag Agrawal, along with the company’s former chief legal and financial officers, claim in the suit that they are owed a total of more than $1 million (roughly Rs. 8 crore), and that Twitter is legally bound to pay them.

Twitter responded to an AFP request for comment with a poop emoji, as has become its practice.

The court filing outlined numerous expenses related to inquiries by the US Securities and Exchange Commission (SEC) and the Department of Justice (DOJ), but does not include details on the nature of the investigations or whether they are still ongoing.

Agrawal and then-chief financial officer Ned Segal provided testimony to the SEC last year and “have continued to engage with federal authorities,” according to court documents.

The SEC is investigating whether Musk complied with securities rules when he amassed Twitter shares.

Former Twitter chief legal officer Vijaya Gadde was called on to take part in a US congressional hearing about big tech and free speech following Musk’s release late last year of so-called “Twitter Files” related to the site’s content moderation.

Gadde was also named as a defendant in a lawsuit by a man who claimed he was “doxed” at Twitter as a white supremacist, the filing said.

Musked terminated Agrawal, Gadde and Segal from their posts in late October after closing his contentious $44 billion (roughly Rs. 3,61,000 crore) takeover of Twitter.

The three former executives argue that Twitter is bound by agreements to reimburse them, but has done no more than acknowledge it received their invoices.

After taking over Twitter, Musk quickly slashed the ranks of employees, with the cuts so broad it raised concerns about the platform’s stability and its ability to fight misinformation and other abuse.

Complaints have also been filed accusing Twitter of not paying rent or other bills as Musk follows on a vow to “cut costs like crazy.”

Meanwhile, market trackers say advertising revenue has plunged at Twitter due to concerns over misinformation and hateful content flourishing as Musk dials back moderation efforts.

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Musk-Twitter Deal Expected to Close, but Prepared for All Scenarios, Says CEO Parag Agrawal

Twitter CEO Parag Agrawal on Saturday said that the deal with Elon Musk is expected to be closed, however, the deal does not become an excuse to avoid making important decisions for the health of the company, adding that Twitter needs to be prepared for all scenarios and always do what’s right for it.

This is a significant update as Elon Musk earlier declared that the $44 billion (roughly Rs. 3,40,800 crore) takeover bid of the micro-blogging site is on hold.

Agrawal said that though some have been asking why a “lame-duck” CEO would make these changes if Twitter is getting acquired anyway. In a response to these comments, the CEO said that while he expects the deal to close, Twitter needs to be prepared for all scenarios and always do what’s right for it.

“We announced changes to our leadership team and operations yesterday. Changes impacting people are always hard,” the CEO tweeted adding, “I won’t use the deal as an excuse to avoid making important decisions for the health of the company, nor will any leader at Twitter.”

He said that he is accountable for leading and operating Twitter. The CEO also noted that it is their job to build a stronger Twitter every day.

Agrawal continued by saying that regardless of the company’s future ownership, Twitter will be improved as a product and business for customers, partners, shareholders, and all of the users.

“No one at Twitter is working just to keep the lights on. We take pride in our work,” the CEO wrote in a tweet. He said that he is still focused on doing his job, and that includes making hard decisions as needed.

“I will continue to embrace the deep complexities of our service and our business. And you can expect more change for the better,” the CEO added.

“I will also try to bring more transparency to the work that we do. You won’t see tweets from me on the ‘topic of the day’ or the loudest sound bite, but rather on the ongoing, continuous, and challenging work our teams are doing to improve the public conversation on Twitter,” he continued.

He also expressed gratitude to the whole Twitter team. “They have stood strong and focused, sharp and agile. They’ve been doing the work, as they always have,” he wrote while praising the team at Twitter.

Twitter recently agreed to an acquisition by Tesla CEO Elon Musk in a deal worth $44 billion, although it is still subject to shareholder approval. However, Elon Musk declared that the $44 billion takeover bid of the micro-blogging site is on hold.

Twitter shares tumbled around 20 percent in the pre-market trading on Friday after Musk’s announcement over hold on the Twitter deal.

Musk said earlier this week that Twitter’s decision to ban former US President Donald Trump was a mistake and he would reverse it if his acquisition of the social media company is successful.

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