Elon Musk’s alleged penchant for not paying bills is catching up with him. In the wake of numerous lawsuits claiming the world’s richest man failed to pay severance owed to many of the 6,000 employees he fired after acquiring Twitter. On Monday, CNBC reported that the tech company now known as X is facing some 2,200 arbitration cases filed by ex-employees, which come with $3.5 million in required fees—an amount that doesn’t even include the actual severance owed to those Musk let go.
In October, shortly after taking Twitter’s reins, Musk laid off more than half of its employees, promising most at least two months’ salary plus a week’s pay for every year they’d worked at the firm. Thousands claim that they haven’t received a single dime, and ex-employees have since filed several lawsuits seeking their promised benefits.
Yes, but he’s also the sole owner of the company. They went private after the acquisition, so there are no more shareholders. It’s his company now, so he is the one directly responsible for it at this point.
If you’re the sole owner of a taco truck and you crash into an orphanage with it, you are responsible, not the LLC you registered.
LLC literally means Limited Liability Company.
The owners of the LLC are protected from some or all liability for acts and debts of the LLC, depending on state shield laws.
When it comes into crashing into an orphanage, that’s definitely some and not all.