Elon Musk’s X Agrees To Settle Twitter Mass Layoff Lawsuit, What It Means For Dogecoin?
Elon Musk’s X Corp agrees to a settlement of a lawsuit by former Twitter employees claiming that they didn’t receive severance pay during a mass layoff by Musk after he took over the social media firm last year. The settlement negotiations are set for early December as Musk faces many lawsuits amid plans to transform the platform into everything app.
Elon Musk’s X Lawsuit by Former Employees Reaches Settlement
X Corp has agreed to try to settle claims of almost 2000 former employees laid off during the mass layoff last year, reported Bloomberg on September 14. Former employees claim that they were not paid severance pay and violated several labor rules and regulations.
Shannon Liss-Riordan, attorney for employees, wrote in the memo to her clients:
“After 10 months of pressing them in every direction we have succeeded in getting Twitter to the table. Twitter wants to mediate with us in a global attempt to settle all claims we have filed.”
As the company has demanded, former employees have resorted to fighting their claims in arbitration. However, Liss-Riordan complained that Twitter didn’t show any interest for nearly a year.
Elon Musk’s X Corp has agreed to comply with the court order to settle, as per sources familiar with the matter. The private negotiations are planned to commence on December 1 and 2.
Shannon Liss-Riordan and others are representing nearly 2,000 former Twitter employees, in individual arbitrations as well as more than a dozen class action lawsuits in court.
Meanwhile, X moves to become an everything app with capabilities including payments, audio and video calling, and financial services.
Also Read: Terra Luna Classic (LUNC) Community Approves Major Proposal
Impact On Dogecoin
Dogecoin impacted massively after Elon Musk acquired Twitter last year and changed its name to X this year. Musk has hinted at integrating Dogecoin into X. However, the efforts have stalled amid various lawsuits including manipulating DOGE price.
DOGE price jumped 1% in the last 24 hours, with the price currently trading at $0.061. The 24-hour low and high are $0.0606 and $0.0619, respectively. Traders didn’t immediately respond to the news, but trading volume fell slightly.
Also Read: SOL Price Shoots 4.5% Despite Court’s Nod for FTX to Sell Solana Holdings
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