this post was submitted on 18 Jul 2023
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Honestly, as much as Musk is visibly deranged these days, he may have a point with this one. That law firm apparently charged Twitter a success fee of somewhere around 60 million dollars after they won that case, even though there seems to have been no prior agreement about a success fee. It seems as if the old board of Twitter only paid, because at that point, they no longer cared what would happen to Twitter's finances. If the law firm can dig up an agreement on that, though, it seems like Musk will be out of luck.
The more interesting part, IMHO, is that Musk argues they never should have charged as much as they did because that case was so simple and straight-forward, it never required any great innovation on the side of the lawyers, just routine work. Which is a bit of a self-own, if you consider that he himself was the counter party that suit...
Edit: Musk, not Trump. No idea how I confused the two names there...
It's getting hard to keep them all straight these days.
It is funny that the law firm would never have been hired if he wouldn't have tried to back out. I don't really care which of them is right, and I'm definitely not rooting for the law firm, but this is some funny stuff.
edit: not rooting for Musk either
He literally has no point - the video says as much too. It’s very much standard practice for rates to go up upon success & why shouldn’t it? Many class action lawsuits work on the same concept but to an even worse degree. The lawyers might get nothing but if it works then they get their pay day. In this case they were paid hourly plus a percentage upon successfully closing the deal that they wouldn’t have been involved in had it not been for him.
He should have considered the possibility of that added expense on twitters books before trying to back out in a hopeless cause.
Did you watch the video? It seems absurd to claim that they are on the hook for hourly agreements given that they were advising on the merger literally to the last hour due to musks history of backing out of deals last minute.
In fact, had they not represented twitter until the 11th hour it’s very possible musk would have continuously tried to litigate instead of close.
These discussions and discourse by twitters board very likely were part of the success fee charged.
Musk is dumb and he will lose this one too. You can’t argue unconscionable contracts when you’re literally one of “the smartest and most powerful people in the world”