X Corp acquires tech recruiting platform Laskie
In its first deal under Musk’s leadership, Twitter’s parent company X Corp acquires Laskie, a talent recruitment tool. Though the exact price of the acquisition is unclear, it was apparently “tens of millions” of dollars, with the deal including cash and equity elements.
Laskie is a San-Francisco based startup founded in 2021 by current CEO Chris Bakke, and apparently has somewhere between 11 and 50 employees. Its aim has been to connect tech talent with employers using tools that are “designed to make your job search faster, more efficient, and less stressful,” but now the platform’s website displays a message saying its platform is “no longer available.” Twitter has not publicly confirmed the deal.
Musk sues lawyers who represented Twitter against him
Arguing that the bill is too high, Musk sues the lawyers who represented Twitter (now “X Corp”) in its suit against him for trying to abandon his $44 billion takeover offer in 2022. (Filed in the Superior Court of California, the case is X Corp. v. Wachtell, Lipton, Rosen & Katz [CGC-23-607461].) Hoping to get back part of the $90 million Twitter paid Wachtell, Lipton, Rosen & Katz (WLRK), X Corp alleges that the law firm tried to “fundamentally alter its fee arrangement” toward the end of its representation of Twitter in order to get an “improper bonus payment in violation of its fiduciary and ethical obligations to its client.” The complaint says that the board had been surprised about the fees and alleges that the firm was “at the center of a spending spree” by Twitter’s departing executives. It says those executives:
ran up the tab at Twitter by, among other things, facilitating the improper payment of substantial gifts to preferred law firms like Wachtell on top of the firms’ full hourly billings by designating tens of millions of dollars in handouts to the firms as ‘success’ or ‘project’ fees.