Ex-Twitter CEO reveals DOJ probe in pursuit of legal fees repayment

Former Twitter CEO, Dick Costolo, has revealed that the US Department of Justice (DOJ) is investigating him in relation to the repayment of legal fees. Costolo made the revelation in a tweet on Monday, stating that he had been informed of the investigation by his lawyers.

The investigation is said to be focused on whether Costolo improperly used Twitter funds to pay for his legal fees in a lawsuit brought against him by a shareholder. The lawsuit, which was filed in 2016, alleged that Costolo and other Twitter executives had misled investors about the company's growth prospects.

Costolo denied the allegations and the case was eventually dismissed in 2018. However, the legal fees incurred during the case reportedly amounted to millions of dollars.

In his tweet, Costolo said that he had "always acted in good faith and with the best interests of the company at heart". He also stated that he was "confident that this matter will be resolved in my favor".

The DOJ has not yet commented on the investigation.

Costolo served as CEO of Twitter from 2010 to 2015, during which time the company went public. He is currently a partner at venture capital firm Index Ventures.

https://www.lifetechnology.com/blogs/life-technology-technology-news/ex-twitter-ceo-reveals-doj-probe-in-pursuit-of-legal-fees-repayment

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