The lawyers of Elon Musk they got a first defeat. The lawsuit for the lawsuit filed by Twitter will not start in late 2023, as the billionaire hoped, but only in a few months: October.
The subject of controversy, of course, is the billionaire’s colossal turnaround: Between April and May, Elon Musk had bid $44 billion to buy 100% of Twitter’s stock, to withdraw his offer under a pretext that many pundits have exaggerated. volatile.
Elon Musk’s lawyers had requested that the trial not begin until February 13. Twitter had asked to start in September. In the end, the judge chose a different date, but still closer to the interests of the social network.
“Further delaying the start of the proceedings would risk causing irreparable damage to Twitter,” the statement said judge Kathaleen McCormick. McCormick is the first woman to preside over the court in Delaware, where the trial will take place.
The observations of Elon Musk’s lawyers, who had asked for more time to investigate the bots issue, were futile. How many are – real – active fake accounts on Twitter? For the company less than 5%, for Elon Musk and some experts it would be much more. This is exactly the pretext that Elon Musk uses as a club to free itself from any contractual constraint and break off negotiations without paying a dime. According to many commercial law experts, this would not be a sufficient pretext.
The risk is that Elon Musk will have to close the deal and buy Twitter at the price agreed three months ago. But even in the case of a statement to that effect, the doubts that theacquisition you are really many. For starters, never in US history has anyone been forced to put their hand in their wallet and spend $44 billion to take over a company. What happens if Elon Musk declares himself insolvent or if he simply refuses to execute a sentence unfavorable to him? Even to this doubt there is no easy answer for the time being.
Also read:
Elon Musk no longer wants to buy Twitter. And now?
Source: Lega Nerd
