Elon Musk has sued the law firm Wachtell, Lipton, Rosen & Katz to recover a portion of the $90mn fee paid by Twitter, the bulk of which was wired in the hours before the billionaire took over the social media company.
Wachtell Lipton, an elite Wall Street firm, had helped Twitter’s then-board to close the $44bn deal after Musk had attempted to walk away last year.
X Corp, the Musk entity that now owns Twitter, said in a complaint filed in a California state court earlier this week that Wachtell Lipton had attempted to “fundamentally alter its fee arrangement as litigation counsel” in order to obtain “an improper bonus payment in violation of its fiduciary and ethical obligations to its client”.
Read the full story on the Financial Times here.