Musk’s company sues law firm

July 7, 2023 Updated Fri., July 7, 2023 at 8:08 p.m.

Elon Musk’s X Corp., the parent company of Twitter, sued the law firm that represented the social media platform in its court fight to force him to complete his takeover last year, alleging that “lame duck” executives at the company went on a “spending spree” when they agreed to pay $90 million in fees to Wachtell Lipton Rosen & Katz.

X Corp. alleges that the Wachtell firm improperly changed its fee arrangement with Twitter at the end of its representation to extract bonuses in violation of its ethical obligations to its client.

“Fully aware that nobody with an economic interest in Twitter’s financial well-being was minding the store, Wachtell arranged to effectively line its pockets with funds from the company cash register while the keys were being handed over to the Musk Parties,” according to the complaint filed in San Francisco state court.

Representatives at Wachtell didn’t immediately respond to a request for comment.

Clorox laying off workers in Ky.

Clorox, in the midst of a reorganization, will lay off 62 employees in August at a Kingsford charcoal factory in Kentucky.

Clorox has identified excess capacity within its Kingsford business, a spokesperson for the company said in an email.

As a result, the consumer-products maker decided “to idle indefinitely the briquetting and packaging lines in Summer Shade, Kentucky.”

The company said it will transition production to one of its four other Kingsford manufacturing facilities.

The Summer Shade plant will retain certain functions, including distribution and the charring of wood to make into charcoal.

Clorox said it’s working to see if there are open positions for dismissed staff to fill in other areas.

From wire reports

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