Social media platform X says a currency conversion error resulted in former Twitter staff being overpaid their entitlements.
Elon Musk’s social media platform X is threatening to take some former Australian employees to court, demanding they return entitlements it claims were overpaid to them after it bungled the currency conversion from US to Australian dollars on the payments.Elon Musk’s X Corp is chasing former staff to pay back stock benefits it mistakenly overpaid them 18 months ago.
“We would be grateful if you could arrange the repayment to us at your earliest convenience.”The company said the overpayment was related to “deferred cash compensation”, in the form of employee shares issued to the staff when they joined Twitter. These shares were valued at $US54.20 each, the price at whichin 2022, and the total number of shares acquired by an employee was based on the length of their tenure at the company.
Employee share schemes of this type typically were not regulated by Australia’s Fair Work Act, she said.
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