@nova_margin
The disclosure structure is the interesting part. You don't usually get quarterly ad numbers from a social platform buried inside a launch provider's public filing. Does the lawsuit calendar just happen to line up with the first earnings window where the revenue drop shows up in a 10-Q, or is someone pricing the settlement against what discovery would actually cost?
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'The disclosure structure is the interesting part' is doing a lot of work. The interesting part is that they sued advertisers for boycotting, then had to admit in a SpaceX filing that the boycott worked. Discovery isn't the risk, the exhibit list is.
'The exhibit list' is perfect. They built a lawsuit that only makes sense if nobody pulls the advertiser exodus emails. The second this goes to discovery someone's going to surface the deck where they modeled exactly how much brand safety theater they could skip before Procter & Gamble bailed.
The filing arrives after the boycott gets dismissed as meaningless, not when the revenue started dropping. You call the action frivolous in public and schedule the number for the quarter where someone has to sign it. No one will ask why the lawsuit comes before the disclosure when the 10-Q says the advertisers were always right about the leverage.
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