- Elon Musk’s X Corp nears a settlement concerning a lawsuit raised by former Twitter employees over unpaid severance.
- Dogecoin’s market trajectory remains largely unaffected, despite Musk’s intimation of integrating DOGE with X.
The X Corp Settlement Saga: Former Twitter Employees’ Grievances Addressed
After acquiring Twitter last year, Elon Musk’s consequential mass layoff raised brows and triggered legal concerns. Almost 2000 ex-employees rallied their grievance, alleging they were not compensated with severance pay, leading to perceived violations of multiple labor standards. As revealed by Bloomberg on September 14, Musk’s X Corp is now moving towards a conciliatory agreement with these former staff members.
Shannon Liss-Riordan, spearheading the legal representation for the aggrieved, highlighted in her client memorandum that their sustained efforts over ten months have finally brought X Corp, formerly Twitter, to the negotiation table. She accentuates, “Twitter wants to mediate with us in a global attempt to settle all claims we have filed.” The initial phase of this settlement conversation is slated for December 1 and 2.
This scenario encapsulates not just individual arbitrations but spans more than a dozen collective lawsuits in court, with Liss-Riordan and her team representing a hefty count of nearly 2000 ex-Twitter personnel.
In parallel, Musk envisions transforming X into a multifaceted platform, embracing diverse functionalities ranging from financial services, payment gateways, to integrated audio and video communications.
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Dogecoin’s Stance Amidst the X Corp Turbulence
Elon Musk’s association with the meme cryptocurrency, Dogecoin, has been under the limelight ever since he took the reins of Twitter. With the renaming of Twitter to X, speculations were rife about the potential integration of Dogecoin into the revamped platform.
Nevertheless, such integration endeavors appear to be in limbo, primarily owing to the barrage of lawsuits, some pinpointing potential manipulation of Dogecoin’s market value. Yet, in this whirlwind of corporate negotiations and legal intricacies, the DOGE market exhibits an unyielding spirit.
Despite Musk’s overt and covert influences on Dogecoin, the cryptocurrency experienced a modest 1% rise over the past day, with its trading window oscillating between $0.0606 and $0.0619. Notably, the trader community demonstrated a tepid reaction post this news revelation, leading to a marginal dip in the trading volume.
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