Reports from the Australian media outlet Sydney Morning Herald indicate that X has sent emails demanding that at least 6 Australian employees who were terminated over a year ago repay money to the company for overcompensation. The overcompensation issue stemmed from currency conversion problems between US dollars and Australian dollars. Failure to comply with the repayment demand may result in legal action. As of now, there have been no employees who have repaid the money.
The email specified that the company overcompensated employees in January 2023 and now requires swift repayment. Additionally, the email mentioned that the overcompensation was linked to Deferred Cash Compensation agreements made at the start of employment. This compensation was structured in the form of shares valued at 54.20 US dollars or 82 Australian dollars (the price at which Musk purchased Twitter in 2022) per share, depending on the length of employment with the company.
Due to the currency conversion discrepancy, X ended up overcompensating one employee with an excess amount ranging from $1,500 to $70,000 USD. Moreover, another employee is accused of receiving overcompensation at a rate 2.5 times the value of the shares.
This is not the first incident where X has faced issues regarding employee overcompensation. Previously, X was sued by over 2,000 employees in the US for compensation claims. Additionally, X is facing a lawsuit from former Twitter executives who are demanding around $128 million USD in compensation.
Source: Sydney Morning Herald, Ars Technica
TLDR: X demands repayment from terminated Australian employees for overcompensation. Employees were overcompensated due to currency conversion issues related to Deferred Cash Compensation agreements. Legal action may ensue if repayment is not made. Previous incidents show X has a history of employee compensation disputes.
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