The firm, which represented Twitter as Musk tried to back out of his deal to buy Twitter, received a $90 million fee for getting the deal over the finish line, according to The New York Times. Elon Musk’s Twitter alleges the payment is “unjust enrichment” and wants the fee to be returned.

  • alexius@lemmy.world
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    1 year ago

    A multi-billionaire accusing others of unjust enrichment. Cynicism is getting out of hand

    • xuxebiko@kbin.social
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      1 year ago

      a multi-billionaaire whose whole career was funded by his father’s apartheid/slave-labour emerald mine, no less.

      Forget the pot, this is a lump of charcoal calling the kettle black.

    • ATQ@lemm.ee
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      1 year ago

      It’ll probably only cost him $1mm to maybe recoup $90mm. He probably thinks the payoff chance is worth the pocket change. The judge really out to hit him with a frivolous lawsuit penalty.

    • chaogomu@kbin.social
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      1 year ago

      The interest payments on the loans he took out are $1.5 Billion. That’s not accounting for any other costs that Twitter was already on the hook for.

      Coincidentally, Musk stopped paying all of the costs that Twitter was on the hook for. Rent, data centers, janitorial service, everything.

      And he’s still not going to have enough money from twitter’s operations to make even the basic servicing payment on the loan.

      • flipht@kbin.social
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        1 year ago

        Which is why I still think something else was going on with the Twitter sale. It doesn’t make sense for anyone financially.

        Unless you imagine it’s a bank giveaway to Musk, who will count Twitter as a loss carry forward for years to come when it goes bellyup.

        • smokeythebear@kbin.social
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          1 year ago

          I was, and remain, 100% convinced Musk will never pay those loans. The Saudi, etc authoritarians who bankrolled him knew it was a payment to kill Twitter. The west may have forgotten the Arab spring, but they didn’t, and have been scared of Twitter since

          • SeaOtter@lemmy.ca
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            1 year ago

            Then the banks will take possession of Twitter, and probably arrange a (fire) sale to a financial sponsor. There is no chance the banks will role over like others that Musk is not paying. It’s much more cut and dry on term loans or bridge loans.

            The bank group is furious with Twitter/Musk.

        • chaogomu@kbin.social
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          1 year ago

          Musk has always been good at selling himself, but is otherwise a fucking idiot.

          Once you internalize this truth, most of his actions, and the actions of others around him, make sense.

          Peter Thiel convinces Musk that it’s a great idea to buy Twitter, Musk convinces a few bank managers that he’s a genius and will make a lot of money, both are lying their asses off.

          There were a few other players in the background, all playing on Musk’s ego, all wanting Twitter to tank.

        • SeaOtter@lemmy.ca
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          1 year ago

          It’s definitely not a bank giveaway - the bank group is likely furious. They are hung with $13bn of debt, that is not sellable, and worse, has virtually no pathway to be sellable in the near future. It’s tough to figure out where this debt would be marked, but I would guess the Street has unrealized losses in the $3-5Bn range.

  • Frog-Brawler@kbin.social
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    1 year ago

    I’d hope he’s doing this because he’s running out of money… but that’s not how capitalism works unfortunately.

    • Anomandaris@kbin.social
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      1 year ago

      Although it may very well be caused by Twitter running out of money, which would be corroborated by Twitter’s lack of payment to various other parties. Giving Musk three options: Use more of his own money, admit defeat and massively scale back Twitter’s functionality and availability, or try to scam money out of other people.

      Clearly he’s not willing to spend his own money, or admit failure.

  • redcalcium@c.calciumlabs.com
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    1 year ago

    Is this about revenge? This law firm helped the original Twitter management to force Musk to honor his promise to buy Twitter.