Elon Musk’s X Corp Settles Lawsuit with Former Twitter Employees
X Corp, led by Elon Musk, has agreed to settle a lawsuit filed by nearly 2,000 former Twitter employees who claimed they did not receive severance pay after a mass layoff last year. According to Bloomberg, the settlement negotiations are scheduled for early December. The employees alleged that they were not paid severance and accused the company of violating labor rules and regulations.
Twitter Agrees to Mediation
Attorney Shannon Liss-Riordan, representing the employees, stated that Twitter has finally agreed to come to the table for mediation after almost a year of resistance. She expressed her satisfaction with the company’s decision to attempt a global settlement of all claims filed by the former employees.
X Corp Complies with Court Order
Sources familiar with the matter have confirmed that Elon Musk’s X Corp will comply with the court order to settle the lawsuit. Private negotiations are set to begin on December 1 and 2. Liss-Riordan and her team are representing the former employees in individual arbitrations and multiple class action lawsuits.
X’s Transformation into an Everything App
In the midst of these legal battles, X Corp is working on transforming Twitter into an everything app. The new platform aims to offer various capabilities such as payments, audio and video calling, and financial services.
Impact on Dogecoin
The acquisition of Twitter by Elon Musk and its subsequent rebranding as X has had a significant impact on Dogecoin. Musk has hinted at integrating Dogecoin into X, but progress has been hindered by ongoing lawsuits, including allegations of manipulating DOGE price.
In response to the settlement news, DOGE price has seen a 1% increase in the last 24 hours, with the current trading price at $0.061. However, trading volume has slightly decreased.
Hot Take: Settlement Reached in Lawsuit over Severance Pay
X Corp, led by Elon Musk, has agreed to settle a lawsuit filed by former Twitter employees who claimed they were not paid severance after a mass layoff. The settlement negotiations are scheduled for early December. This development comes as X Corp continues its efforts to transform Twitter into an everything app. The impact of this settlement on Dogecoin remains to be seen, as integration plans have been delayed due to ongoing lawsuits and allegations of price manipulation. Nevertheless, DOGE price has experienced a slight increase in the last 24 hours.
By
By
By
By
By