446

Twitter is suing the law firm that used to represent Twitter. - The Verge (www.theverge.com)

submitted 1 year ago by reclipse to c/technology@lemmy.world

26 comments fedilink hide all child comments

The firm, which represented Twitter as Musk tried to back out of his deal to buy Twitter, received a $90 million fee for getting the deal over the finish line, according to The New York Times. Elon Musk’s Twitter alleges the payment is “unjust enrichment” and wants the fee to be returned.

you are viewing a single comment's thread
view the rest of the comments

[-] chaogomu@kbin.social 20 points 1 year ago

The interest payments on the loans he took out are $1.5 Billion. That's not accounting for any other costs that Twitter was already on the hook for.

Coincidentally, Musk stopped paying all of the costs that Twitter was on the hook for. Rent, data centers, janitorial service, everything.

And he's still not going to have enough money from twitter's operations to make even the basic servicing payment on the loan.

[-] flipht@kbin.social 6 points 1 year ago

Which is why I still think something else was going on with the Twitter sale. It doesn't make sense for anyone financially.

Unless you imagine it's a bank giveaway to Musk, who will count Twitter as a loss carry forward for years to come when it goes bellyup.

[-] smokeythebear@kbin.social 8 points 1 year ago

I was, and remain, 100% convinced Musk will never pay those loans. The Saudi, etc authoritarians who bankrolled him knew it was a payment to kill Twitter. The west may have forgotten the Arab spring, but they didn't, and have been scared of Twitter since

[-] SeaOtter@lemmy.ca 2 points 1 year ago

Then the banks will take possession of Twitter, and probably arrange a (fire) sale to a financial sponsor. There is no chance the banks will role over like others that Musk is not paying. It’s much more cut and dry on term loans or bridge loans.

The bank group is furious with Twitter/Musk.

[-] Buddahriffic@lemmy.world 1 points 1 year ago

Oh I wonder if that bank users assassins...

load more comments (2 replies)

load more comments (3 replies)

this post was submitted on 08 Jul 2023

446 points (98.9% liked)

Technology

58132 readers

4049 users here now

This is a most excellent place for technology news and articles.

Our Rules

Follow the lemmy.world rules.
Only tech related content.
Be excellent to each another!
Mod approved content bots can post up to 10 articles per day.
Threads asking for personal tech support may be deleted.
Politics threads may be removed.
No memes allowed as posts, OK to post as comments.
Only approved bots from the list below, to ask if your bot can be added please contact us.
Check for duplicates before posting, duplicates may be removed

Approved Bots

founded 1 year ago

MODERATORS