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

NationalElon Musk Partners with UIDAI to Power Starlink Internet Expansion in India

TechnologyIndia’s First Tesla Supercharger Goes Live in Mumbai’s BKC

MaharashtraEknath Shinde Takes First Ride in Tesla After Elon Musk’s Company Opens First Mumbai Showroom

NationalTesla Model Y: Is It Cheaper in the US & China Than in India? Full Price Comparison Inside

TechnologyLinda Yaccarino Steps Down as CEO of X After Two Years

International Realted Stories

InternationalUAE conducts 76th airdrop of aid over Gaza Strip

International10 terrorists in Gaza eliminated in hand-to-hand combat

InternationalSaudi Arabia launches new 'Nusuk Umrah' service to streamline visas, travel for international pilgrims

InternationalPakistan in deep economic crisis with 44.7 pc population below poverty line

InternationalArmed terror attack foiled in Binyamin region