"We've decided to expand our policy of not paying bills. We're now retroactively un-paying bills we've already paid."
this post was submitted on 09 Jul 2023
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I mean, they're just lawyers. What are they going to do?
Quite the greedy move.
Twitter's $84 million wire to Wachtell was posted only ten minutes before Gadde and Edgett were terminated upon the closing of the merger.
By no means am I defending Musk, but if this is true it's a dick move for sure. Yet I believe Twitter was well within their rights to pay the firm their sum despite the looming merger.
I guess we'll have to see how it pans out, yet to Musk you'd think $90 million is mere pocket change. He must really feel the pressure on finding some hope of any return on the $44 billion he paid for his pet-project.
That’s like, less than 1 of the 44 billion he paid to buy Twitter. I’m surprised he even notices it.
It's 0.2% of $44 billion. I think he notices it because Twitter is hemorrhaging money right now; totally due to his mismanagement.
Remember that Musk didn't use his own money to buy Twitter, he had to borrow money with banks and other rich folks to buy the company.
In other words, Twitter or X, or whatever the name is actually due to start paying their debt interests and rumors are, they're close to a billion dollar each year for just interests alone.
Twitter has to make more than a billion dollar or so to even start paying salaries and then to make any profit.
Twitter was hemorrhaging money most of the time before his purchase anyway. There may have been a year or two that they were profitable but it was more typically losing hundreds of millions of dollars every year. That said, I'm sure his management has accelerated losses. And honestly the leveraged buyout to take it over pretty much ensures the company is on a fast track to bankruptcy.
True, however from what I've read, they've lost a lot of ad revenue since Musk took over. Estimates say over 50% lost ad revenue in the U.S., almost 30% worldwide.
Yes but it wasn't on loan with interest. They were working off investor cash, Musk is working with loans.
Suing your own lawyers for billing you. Wild. This HAS to be the stupidest thing he's ever done.
Imagine being the lawyer taking on the case... lol
Suing lawyers over costs is very, very, common. It’s not even newsworthy.
I'm surprised he found a firm willing to take this case. I wonder how ironclad their engagement letter is? Even if they demand payment upfront, what protection do they have against him suing them? His current M.O. is not paying his bills, and now he's going retroactive. There are better clients out there.