Posts Tagged: execs
Twitter’s former CEO and other execs are suing Elon Musk and X for $128 million in unpaid severance
A group of former Twitter executives, including former CEO Parag Agrawal, are suing Elon Musk and X over millions of dollars in unpaid severance benefits. The claims date back to the chaotic circumstances surrounding Musk’s takeover of the company in October 2022.
When Musk took control of the company, his first move was to fire Agrawal, CFO Ned Segal, chief legal officer Vijaya Gadde and general counsel Sean Edgett. According to the lawsuit, Musk had “special ire” for the group because of the role they played in the months-long court battle that forced Musk to follow through with the acquisition after he attempted to back out of the deal. According to the lawsuit, Agrawal is entitled to $ 57.4 million in severance benefits, Segal is entitled to $ 44.5 million, Gadde $ 20 million and Edgett $ 6.8 million, for a total of about $ 128 million.
The lawsuit cites Musk biographer Walter Isaacson’s account of the events, which explains that Musk rushed to close the Twitter deal a day early so he could fire the executives “for cause” just before their final stock options were set to vest. According to Isaacson, Musk bragged that the legal maneuver saved him about $ 200 million.
“Musk doesn’t pay his bills, believes the rules don’t apply to him, and uses his wealth and power to run roughshod over anyone who disagrees with him,” the lawsuit states,“Because Musk decided he didn’t want to pay Plaintiffs’ severance benefits, he simply fired them without reason, then made up fake cause and appointed employees of his various companies to uphold his decision.”
X didn’t respond to a request for comment on the lawsuit. Of note, it’s not the first time former Twitter employees have sued the company for failing to pay severance benefits. A separate lawsuit claimed Twitter owed former workers more than $ 500 million in unpaid severance. Agrawal, Segal and Gadde also previously sued the company over unpaid legal bills as a result of shareholder lawsuits and other investigations that resulted from Musk’s takeover,
This article originally appeared on Engadget at https://www.engadget.com/twitters-former-ceo-and-other-execs-are-suing-elon-musk-and-x-for-128-million-in-unpaid-severance-231428042.html?src=rss
Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics
Sam Altman and Greg Brockman are meeting with OpenAI execs now at HQ in ongoing talks over reinstatement
Newly ousted OpenAI CEO Sam Altman and former president Greg Brockman are meeting with executives at the company’s San Francisco headquarters now as discussions about possibly reinstating their positions continue, The Information reports. Per The Information, interim CEO Mira Murati and others have been leading the push to get Altman reinstated as CEO, and invited the two to HQ on Sunday. Altman and Brockman showed up for talks this afternoon, sources told The Information.
Around the time of the report’s publication, Altman tweeted a photo of himself wearing a guest badge for entry into the building, writing, “first and last time i ever wear one of these (sic)” — which could be interpreted several different ways, at this point. Sources told The Verge that Altman has set a 5PM PT deadline for board members to reach an agreement that could ultimately determine whether he walks away from OpenAI, or they do.
first and last time i ever wear one of these pic.twitter.com/u3iKwyWj0a
— Sam Altman (@sama) November 19, 2023
After Altman was fired without warning on Friday, Brockman stepped down in solidarity, along with a slew of senior researchers. Other staff members have reportedly pledged to resign as well and follow the two to other projects, signaling their support on social media, according to The Verge. The state of Altman’s position — and OpenAI’s future leadership — has remained up in the air this weekend as backlash against the board’s initial decision grows. On Saturday evening, The Verge broke news that the board was considering reinstating him as CEO, and had “agreed in principle” to resign if so. But, the board reportedly couldn’t make up its collective mind in time, and missed the deadline that had been set for the decision.
According to Bloomberg, that’s at least in part because they’ve hit a brick wall in trying to agree on what the board will look and what its role will be if he’s reinstated. Altman reportedly wants the existing board gone if he’s to return, among other “governance changes” — including making former Salesforce CEO Bret Taylor a board member and possibly bringing on a Microsoft executive, Bloomberg reported, though the latter has not yet made a decision.
There has been much speculation over the reason behind Altman’s removal as CEO and from the OpenAI board of directors, which came as a surprise to Altman, staff, and investors. An internal memo sent that morning to staff and seen by Axios said that the decision to unseat Altman came as the result of “a breakdown in communication between Sam and the board.” It “was not made in response to malfeasance or anything related to our financial, business, safety, or security/privacy practices,” the memo from COO Brad Lightcap said.
Altman was fundraising for a custom AI chip project codenamed “Tigris” prior to his unexpected firing, Bloomberg reported. Per Bloomberg and The New York Times, which previously reported on his plans for other AI ventures, Altman has already pitched the idea of custom Tensor Processing Units (TPUs) that would rival NVIDIA’s to potential investors in the Middle East. He was also reportedly looking for backers to fund his hardware collaboration with former Apple designer, Jony Ive, for which he approached SoftBank founder Masayoshi Son. Sources with knowledge of the discussions told Bloomberg that Altman is trying to raise “tens of billions of dollars” to get these projects off the ground.
This article originally appeared on Engadget at https://www.engadget.com/sam-altman-and-greg-brockman-are-meeting-with-openai-execs-now-in-ongoing-talks-over-reinstatement-212124319.html?src=rss
Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics
Former eBay execs get prison time in cyberstalking case involving Twitter threats and fetal pig deliveries
Two of the eBay executives who were charged for staging a cyberstalking campaign against the creators of the eCommerceBytes newsletter have been sentenced to prison. The Justice Department says that these execs, along with five other former eBay employees, worked together to intimidate David and Ina Steiner. They apparently hatched a scheme targeting the Steiners shortly after Ina published an article in their newsletter about a lawsuit eBay filed accusing Amazon of poaching its sellers. David said the people involved in their harassment made their lives "a living hell."
James Baugh, eBay's former senior director of safety and security, was sentenced to almost five years in prison and was ordered to pay a fine of $ 40,000. Meanwhile, David Harville, eBay's former Director of Global Resiliency and the last person in the case who pleaded guilty, got a two-year sentence and was ordered to pay a $ 20,000 fine.
According to the DOJ, the group sent disturbing deliveries to the couple's home, including "a book on surviving the death of a spouse, a bloody pig mask, a fetal pig, a funeral wreath and live insects." They also sent the couple threatening Twitter messages and posted on Craigslist to invite the public to partake in sexual encounters at the victims' home. Authorities also said that Baugh, Harville and another eBay employee monitored the couple's home in person with the intention of attaching a GPS tracker to their car.
Based on the case's court documents, David Wenig, who was eBay's CEO at the time, sent another top exec a message that said "If you are ever going to take her down … now is the time" 30 minutes after Ina's post was published. In turn, that executive sent Wenig's message to Baugh, adding that Ina was a "biased troll who needs to get BURNED DOWN." As The Washington Post notes, Wenig was not charged in the case but is facing a civil lawsuit from the Steiners, who accused him of attempting to "intimidate, threaten to kill, torture, terrorize, stalk and silence them." He denied any knowledge of the harassment campaign.
As for Baugh and Harville, both asked the Steiners for forgiveness, according to The Post. "I take 100% responsibility for this, and there is no excuse for what I have done. The bottom line is simply this: If I had done the right thing and been strong enough to make the right choice, we wouldn’t be here today, and for that I am truly sorry," Baugh said.