City
Epaper

Twitter sues top law firm that received $90 mn in Musk deal

By IANS | Updated: July 8, 2023 09:20 IST

San Francisco, July 8 Twitter has sued a law firm that represented the micro-blogging platform as Elon Musk ...

Open in App

San Francisco, July 8 Twitter has sued a law firm that represented the micro-blogging platform as Elon Musk tried to back out of his deal to buy the platform for $44 billion.

Twitter's previous management hired the corporate law firm after Musk tried to terminate his agreement to acquire the company last year.

Wachtell, Lipton, Rosen & Katz, a top mergers and acquisitions firm, received a $90 million fee from Twitter, which according to the social network was "unjust enrichment", reports The New York Times.

Twitter now wants the fee to be returned. The lawsuit has been filed in San Francisco Superior Court by X Corp, Twitter's parent company.

The lawsuit said Wachtell Lipton took "funds from the company cash register while the keys were being handed over" to Musk, who owns X Corp.

According to documents submitted with the lawsuit, Twitter's board and executives approved the $90 million payment because the law firm had succeeded in making Musk abide by his agreement to buy the company.

Twitter had disputed other fees related to Musk's purchase of the company.

"An advisory firm, Innisfree M&A, sued Twitter for $1.9 million in February over what it said were unpaid bills. Joele Frank, a public relations firm, sued Twitter in May, arguing that it wasn’t paid about $830,498 for services rendered in the deal," the report said.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: Wachtell, Lipton, Rosen & KatzElon muskWachtell liptonTwitterTwittererTwitter KohliTwitter SafetyTwitter India Managing DirectorTwitter IndiaTwitter UnionTwitter Babul SupriyoTwitter ShahTesla ceo elon musk
Open in App

Related Stories

TechnologyX Down: Elon Musk-Owned Social Media Platform Faces Outage as Users Unable to Access Feeds, Post Content

Social ViralLPG Cylinder Shortage in India Sparks Funny Meme and Desi Jugaad Fest on Social Media

EntertainmentThe Raja Saab Box Office Collection Day 13: How Much Did Prabhas’ Horror-Comedy Film Earn on Wednesday; Check Day-Wise Earnings Report

EntertainmentThe Raja Saab Box Office Collection Day 11: Prabhas’ Horror-Comedy Film Crosses Rs 140 Crore in India; Check Day-Wise Earnings Report

EntertainmentThe Raja Saab Box Office Collection Day 10: How Much Did Prabhas’ Horror-Comedy Film Earn on Its 2nd Sunday; Check Day-Wise Earnings Report

International Realted Stories

InternationalEAM Jaishankar meets Mauritius PM Ramgoolam, highlights strong progress in bilateral ties

InternationalNetanyahu calls for "open direct negotiations" with Lebanon, focus on disarmament of Hezbollah

InternationalNepal PM Balen Shah sacks Labour Minister over disciplinary breach

InternationalBangladesh minority group expresses concerns over rise in communal violence

InternationalBangladesh's new leadership has an opportunity to recalibrate ties with India