this post was submitted on 07 Jul 2023

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Musk sues law firm because he’s mad that Twitter paid $90 million bill (arstechnica.com)

submitted 2 years ago by BrikoX@vlemmy.net to c/news@lemmy.world

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[–] partial_accumen@lemmy.world 26 points 2 years ago (3 children)

"This action for equitable relief arises out of an effort by Wachtell to fundamentally alter its fee arrangement as litigation counsel in the twilight of its representation of Twitter to obtain an improper bonus payment in violation of its fiduciary and ethical obligations to its client," claimed the lawsuit filed by X Corp., the successor company to Twitter. "Wachtell exploited a corporate client left unprotected by lame duck fiduciaries who had lost their motivation to act in Twitter's best interest pending its imminent sale to Elon Musk and his entities, X Holdings I, Inc. and X Holdings II, Inc."

It sounds like the "lame duck fiduciaries" were quite effective. Those fiduciaries hired this law firm to secure the acquisition that Musk promised for the benefit of the original Twitter shareholders. Had these fiduciaries not done so, the deal would possibly not have happened and the original Twitter shareholders would have lost substantial value. The fact that the fiduciaries paid out when the deal was imminent to close shows even more that they asked for a legal service, received said service, and paid their bill.

Musk is just upset he didn't get to deny the payment to the law firm that force him to honor his obligation to buy Twitter at the high price.

[–] balisada@lemmy.world 14 points 2 years ago

It was probably a good idea that they paid the legal bill before he took over.

[–] Feirdro@lemmy.world 3 points 2 years ago

It doesn’t say what’s in the agreement, just says the agreement doesn’t describe a success bonus. Without seeing the agreement we can’t know.

But history shows he’s likely full of shit.

[–] wolfpack86@lemmy.world 1 points 2 years ago

I'm not defending him per se, but the email response was interesting. I have no idea if this was a reasonable fee mount for the services.

I guess the thing that's interesting to me, is that Twitter the company doesn't benefit directly from hiring the firm to close the transaction, the original shareholders do. I would wonder why they weren't paying the firm, as they received the payment? It would be like assigning sellers closing costs bill (agent fees etc) to the house, to be paid by the new owner, and not to the seller.

I think the whole thing is weird, and believe he's still an insane cunt.

[–] ekZepp@lemmy.world 20 points 2 years ago

He's kinda loosing his s**t. 🤔

[–] afraid_of_zombies2@lemmy.world 16 points 2 years ago (3 children)

I am beginning to have doubts that I trust a company he runs to colonize Mars.

[–] FlyingSquid@lemmy.world 8 points 2 years ago (1 children)

Unsubscribed colonists are limited to 500 breaths per day.

[–] afraid_of_zombies2@lemmy.world 3 points 2 years ago

Jesus this hurt how right you are. Like any random person you know would be better suited for the job. In fact I am going to nominate my buddy Dave the accountant. He would be a great colony leader.

[–] DreamlandLividity@lemmy.world 5 points 2 years ago* (last edited 2 years ago) (1 children)

Honestly, I am amazed that core of SpaceX works as well as it does considering what I learned about Musk recently. That being said, the StarLink and Mars projects seem to be a bad joke, not even slightly based in reality.

[–] Shikadi@wirebase.org 3 points 2 years ago

Generally SpaceX works in spite of him, not because of him

[–] Shikadi@wirebase.org 4 points 2 years ago

...Beginning?

[–] fearout@kbin.social 10 points 2 years ago* (last edited 2 years ago)

That'll go over well, no doubt. Suing law firms has always been a genius idea.
Also, does he plan to pay the next law firm that takes this case?

[–] sendingmath@kbin.social 9 points 2 years ago

guess you don't get to stay rich by doing normie shit like checks notes paying your bills.

[–] CookieJarObserver@feddit.de 5 points 2 years ago (2 children)

God i hope we will see that asshole under a bridge some day.

[–] schroedingershat@lemmy.world 5 points 2 years ago

The future I wish for all these ghouls is one in which everybody's basic needs are met unconditionally so they can watch others around them thrive with the exact same resources they now have access to.

[–] FlyingSquid@lemmy.world 1 points 2 years ago

Twitter and Tesla could go under tomorrow and he'd still be one of the world's richest people. It's sickening. No one should have that much wealth.

[–] meat_popsicle@kbin.social 4 points 2 years ago (1 children)

I thought that was functionally a rounding error to his private wealth anyway.

Why does the lion concern himself with the bite of a flea?

[–] PlasticExistence@lemmy.world 4 points 2 years ago

Because those bites are very, very painful because that lion has the world's thinnest skin.

[–] DocMcStuffin@lemmy.world 3 points 2 years ago

Christ what an asshole. I don't understand how anyone can create that much self induced stress and not have a heart attack.

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