Currency Conversion Error Leads to Overpayments
Billionaire Elon Musk’s social media platform X, previously known as Twitter, has requested that its former Australian employees to return money allegedly overpaid due to a currency conversion error. The Sydney Morning Herald reports that the overpayments, resulting from the conversion from US to Australian dollars, range from $1,500 to $70,000.
Employees receive legal notices
At least six former X employees have received legal notices demanding repayment. The company’s Asia Pacific human resources department acknowledged the error in an email to the affected individuals, stating, “It has come to our attention that you received a significant overpayment in error in January 2023. We would be grateful if you could arrange the repayment to us at your earliest convenience.”
The overpayment issue is linked to “deferred cash compensation” involving employee shares issued upon joining Twitter. X, under Musk’s leadership, faces multiple lawsuits over labor and workplace violations, including allegations of failing to pay severance to thousands of workers fired after Musk’s $44 billion acquisition in 2022.
Severance pay dispute
In 2022, thousands of former Twitter employees claimed they were deprived of promised severance pay following Musk’s takeover. The ongoing legal disputes underscore the contentious aftermath of the acquisition and the challenges faced by former staff members.