Elon Musk's X demands return of overpaid funds from ex-Australian employees: Report
legal actions to reclaim these overpayments, which arose due to a currency conversion error from US dollars to Australian dollars. Internal communications from X's Asia Pacific HR department reveal that the overpayments, which occurred in January 2023, ranged from $1,500 to $70,000 per individual.These payments were linked to a 'deferred cash compensation' plan tied to employee shares initially priced at $54.20 USD each, the amount Elon Musk paid when he acquired Twitter in 2022.
The mistake happened because X applied an incorrect conversion rate, inflating the amounts by 2.5 times the correct value. None of the former employees have returned the overpaid sums, the report states.Under Australian law, such overpayment errors must be reimbursed, although employees have the right to request a detailed explanation and proof of the mistake from the company.
This issue surfaces as numerous former US-based X employees are still contesting for their severance payments.In a related development, four ex-Twitter executives, including former CEO Parag Agrawal and ex-CFO Ned Segal, have filed a lawsuit against X seeking over $128 million in unpaid severance following their termination post-Musk's acquisition of the company.In another significant move, Tesla shareholders recently voted to reinstate Elon Musk's record $44.9 billion compensation package, which had been previously annulled by a Delaware judge. This vote reflects strong support for Musk's leadership at the electric vehicle manufacturer.
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