(LegalEagle) Elon Sues The Lawyers That Forced Him to Buy Twitter

Dude has gone full 180 so many times in this Twitter thing, its giving everyone a headache.

Elon was going to buy Twitter. Then he wasn't. Then he was. Then he's going to fix Twitter. Then the 50% firings were fake news. Then Elon fires 80% of the staff.

It only seems that way because we didn't know what a cunt Musk was back when. Tesla is Martin Eberhard's company.

but I’m not the genius

Neither is Musk

$13 Billion of new loans - $2 Billion of old loans + $33 Billion Elon Musk paid == $44 Billion deal.

Even then, the $33 Billion Elon paid for includes equity gathered from Saudi, Larry Ellison and other friends of Elon. Elon probably fronted only $24 Billion of his own money, with $9 Billion coming from others IIRC (though this is all estimated, as this side of the deal was behind closed doors).

In many ways, this makes it worse. The $33 Billion of equity is junior to the $13 Billion of debt owed to the banks. That means that if Fidelity's valuation of $20 Billion is true, then Elon (and friends) have gone from $33 Billion in equity to $7 Billion in equity. Its not perfect because the loan's value has also declined ($13 Billion may be owed, but everyone's getting nervous about Twitter's ability to pay it back). I think the $13 Billion loan is only worth $9 Billion now, or so? So maybe the Elon+co have a proper valuation of $11 Billion or so.

Its all made up numbers anyway so maybe my rant doesn't matter. But all in all, the $44 Billion number is a bit too shallow thinking for my tastes.

but I’m not the genius so what do I know.

“What’s that smell up in here?!? Is that sarcasm?!? Cause it suuuure smells like sarcasm!”

Indeed!

I'm sure the best of the best are excited to work for him after he unceremoniously fired nearly everyone at Twitter with illegally abrupt notice.

Surely there's several top tier law firms lining up to kiss his ass, carefully advise him, and inevitably lose the case when he fails to follow even their most basic advice.

I may not own enough popcorn for this. 🍿

The more interesting part, IMHO, is that Trump argues they never should have charged as much as they did because...

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”