Elon Musk’s X Sued for $20M in Stock by Former Twitter Chairman

Former Twitter chairman Omid Kordestani has sued the social media company, alleging that billionaire owner Elon Musk is refusing to cash in more than $20 million in stocks owed to him.

Kordestani served as the company’s executive chairman from 2015 to 2020, remaining on the board for two more years until Musk bought the platform for $44 billion. He said in the complaint that the majority of his compensation came in stock, which Musk says he is refusing to pay out.

Lawyers for the former chairman allege that X Corp., as Musk has renamed the company, is trying to “reap the benefits of Mr. Kordestani’s seven years of service at Twitter without paying him.”

The lawsuit, filed in California Superior Court in San Francisco, is the latest in a series of legal actions brought against Musk by former Twitter executives since he took over. In March, four execs sued Musk for allegedly withholding more than $128 million in severance pay after they were ousted from the company.

X declined to comment.

Before joining Twitter, Kordestani was a longtime business leader at Google, part of Alphabet Inc.

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