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This reminds me, did Parag and other in the top management get their money? I didn't see any update on that.

by malshe 3y ago

bern4444 3y ago
Every shareholder got their money at the buyout price: $54.20 per share.
- hn_throwaway_99 3y ago
  That's not what the parent comment was referring to. Senior execs had golden parachutes they were due if they were terminated.
  - DonHopkins 3y ago
    Why don't the people who actually do the work get golden parachutes?
    - Uvix 3y ago
      Because they don’t negotiate for it.
    - replyifuagree 3y ago
      [flagged]
  - jonathankoren 3y ago
    We’re not even talking about golden parachutes. Literally every employee had a severance package specified and agreed to in the sales contract. Musk straight up violated the agreement the first week. The amount is negligible to the world’s richest man. He just violated it because he could. http://www.businesstoday.in/technology/news/story/elon-musk-accused-of-not-paying-500-million-in-severance-pay-to-ex-twitter-employees-gets-sued-389529-2023-07-13 http://www.businesstoday.in/technology/news/story/elon-musk-...
    - hn_throwaway_99 3y ago
      I was referring to the GP argument that was specifically asking about exec payouts, not the broader point of the article that Musk is just stiffing these people just because he can.
- jurassic 3y ago
  The parent post is referring to the "golden parachute" execs are entitled to when fired by new ownership in situations like this. This is different from getting the $54.20 for shareholders. The purpose of these payments are to help align the incentives of leadership with shareholders so they cooperate in getting these complex deals closed. I also haven't heard any updates.
ttul 3y ago
Supposedly, they were dismissed for cause minutes before they would have been awarded millions in severance when the sale closed. I’m fairly sure I recall that Parag and colleagues sued because the dismissal for cause was an obvious stretch of the imagination.
- invalidname 3y ago
  Musk bragged about doing that which will probably be an exhibit in their lawsuit. I think they'll get everything they want. All they need to do is enter discovery and he'll have to fold.
- hn1986 3y ago
  Any one know the status of this lawsuit?

This reminds me, did Parag and other in the top management get their money? I didn't see any update on that.

by malshe 3y ago

This reminds me, did Parag and other in the top management get their money? I didn't see any update on that.

bern4444 3y ago

Every shareholder got their money at the buyout price: $54.20 per share.

hn_throwaway_99 3y ago
That's not what the parent comment was referring to. Senior execs had golden parachutes they were due if they were terminated.
- DonHopkins 3y ago
  Why don't the people who actually do the work get golden parachutes?
  - Uvix 3y ago
    Because they don’t negotiate for it.
  - replyifuagree 3y ago
    [flagged]
- jonathankoren 3y ago
  We’re not even talking about golden parachutes. Literally every employee had a severance package specified and agreed to in the sales contract. Musk straight up violated the agreement the first week. The amount is negligible to the world’s richest man. He just violated it because he could. http://www.businesstoday.in/technology/news/story/elon-musk-accused-of-not-paying-500-million-in-severance-pay-to-ex-twitter-employees-gets-sued-389529-2023-07-13 http://www.businesstoday.in/technology/news/story/elon-musk-...
  - hn_throwaway_99 3y ago
    I was referring to the GP argument that was specifically asking about exec payouts, not the broader point of the article that Musk is just stiffing these people just because he can.
jurassic 3y ago
The parent post is referring to the "golden parachute" execs are entitled to when fired by new ownership in situations like this. This is different from getting the $54.20 for shareholders. The purpose of these payments are to help align the incentives of leadership with shareholders so they cooperate in getting these complex deals closed. I also haven't heard any updates.

ttul 3y ago

Supposedly, they were dismissed for cause minutes before they would have been awarded millions in severance when the sale closed. I’m fairly sure I recall that Parag and colleagues sued because the dismissal for cause was an obvious stretch of the imagination.

invalidname 3y ago
Musk bragged about doing that which will probably be an exhibit in their lawsuit. I think they'll get everything they want. All they need to do is enter discovery and he'll have to fold.
hn1986 3y ago
Any one know the status of this lawsuit?