Ontario Court of Appeal does not like Chamath apparently, orders him to pay 30 million USD.
https://betakit.com/extreme-venture...ihapitiya-lose-appeal-in-tinder-sale-lawsuit/
https://www.canlii.org/en/on/onca/doc/2021/2021onca853/2021onca853.html
[9] The principal problem with the first part of the Palihapitiya Appellants' position is that it is dependent upon the Appellants' credibility. The trial judge rightly found the Appellants to be incredible witnesses whose sworn testimony was routinely contradicted by the written record. Moreover, Palihapitiya had an unusual habit in his public and private communications of bragging about significant aspects of his alleged misbehaviour but then inexplicably denying any misconduct on the witness stand.
[10] The second part of the submission is a straw man argument. The trial judge's conclusions were not grounded in her idiosyncratic moral values, nor did she require Palihapitiya to compromise his legitimate business interests. Instead, she applied well-established tort and corporate law principles to his conduct and made findings of illegality supported by the record. Counsel's submission that the Appellants' unethical and illegal behaviour should be excused as standard examples of corporate conduct is meritless. The trial judge, an experienced commercial judge, saw through this argument and reached the correct conclusion. In my view, if the Appellants' conduct was not the subject of adverse findings by her, the court would have communicated a message that there are few, if any, limits to corporate malfeasance. Such a message would have caused significant uncertainty in the Canadian business world.
on the facts of this case, where the Appellants have engaged in a litany of brazenly illegal acts and where their counsel elected not to offer any submissions on the point, I would order disgorgement of the total amount of the profits.
Indeed, Palihapitiya's private and public statements are inconsistent with his sworn evidence. I offer the following examples:
• On September 27, 2012 – just seven weeks after closing – Palihapitiya wrote an email to a friend regarding the acquisition of Xtreme Labs, boasting: “25% net cash margins, 100% YoY revenue growth – should do $35 – 40M next year. We bought it for $16M. Yum, yum!!!!”
• Palihapitiya spoke at a Town Hall for the Xtreme Labs employees shortly after closing. In his remarks, he talked about how the previous owners of the company were "douchebags," "fuckfaces" and "idiots that were counterproductive." He described how at the 11th hour, the company's ownership structure got "convoluted," and in his opinion, Varma and Madra "got taken advantage of." He said that "over the course of this last year, sort of instigating and pushing and prodding, we finally found the path to basically buy Xtreme and recapitalize it."