Twitter won its first legal battle against Elon Musk on July 19. Delaware’s Court of Chancery, a court specializing in corporate disputes and recognized throughout the United States for its expertise, has scheduled a five-day trial in October. He rejects the billionaire’s request for a ten-day hearing next February. According to the court, the case must be resolved quickly, otherwise the social network will face ” irreparable damage “.
Positive justice for Twitter
The American company has won the first round against Tesla’s boss. Chancellor Kathleen St. Jude McCormick confirmed the hearing date on Twitter. He acknowledged the company’s concerns about the uncertainty of its future as a public company. ” These concerns are fully apparent in the present case. “, she pointed out,” Generally, the longer an acquisition deal drags on, the greater the cloud of uncertainty hangs over the company and the greater the risk of irreparable harm to the seller. she mentions.
Google allows the use of third-party payment services in Europe on the Play Store
Elon Musk wanted the trial to take place no earlier than February 13, 2023. As a reminder, the chairman and CEO of SpaceX has decided to cancel its purchase of Twitter for $44 billion. He alleged that the social network did not provide him with the data he needed to estimate the number of fake accounts on the site.
According to Twitter, Elon Musk is not ” He presented no evidence Demonstrates the company’s willingness to hide the actual baud rate from it. She adds that If the party has breached its obligations under a merger agreement, it should not be allowed to continue its defamation campaign without prompt response to its actions in court. “.
Twitter is still determined to force Elon Musk to fulfill his contract. Last April, he had promised to buy the social networking giant for $54.20 a share.
The number of fake accounts is still at the center of debate
For the millionaire, if the social network seeks to close the deal quickly, above all hiding the truth about the true number of spam accounts. According to Twitter, these fake profiles represent less than 5% of users, while Elon Musk estimates the number at 20%. His attorney, Andrew Rossman, notes that it could take months for Bluebird to verify the wording on stage, so the request was filed.
Kathleen McCormick asked the parties to prepare well while awaiting the start of the trial. Following the CEO’s announcement, Twitter’s stock is up 3.4%, trading at $39.50 today.