Twitter Wins First Small Victory Over Musk, Trial Scheduled October

Judge Kathaleen McCormick said that the Delaware Court of Chancery aims to have the trial between Elon Musk and Twitter in early October and expects it to last five days. Twitter requested an expedited trial late last week, hoping to complete the trial by September. It appears the court granted the expedited trial, although not quite as soon as the social media platform hoped.

In April, Musk agreed to purchase the platform for $44 Billion, at $54.20 per share, although he recently aimed to back out of the deal, blaming a lack of disclosure on Twitter’s part. Twitter claimed 5% or less of users were spam or bot accounts, although people speculate that Musk backed out because that number is much greater.

Twitter denies these allegations and hopes to force Musk into the acquisition in court. “Buyer’s remorse can be an overlooked phrase,” said Bill Savitt, a Wachtell Lipton partner representing Twitter, “but it sure looks like what we have here.” He went on to say that  “every hour of every day,” the deal is not completed, creates uncertainty which creates substantial challenges in hiring.

Many Twitter users speculate that Musk will pay a “huge” penalty but walk away without having to purchase the platform. Another user assumed the billionaire would pay “more than $1B to NOT own it.”

Either way, the expedited trial is a win for Twitter, which hopes to enforce the deal as soon as possible. 

Author: Garrett Meifert

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