Tobias said it’s still possible that Musk and Twitter will settle the case before it goes to trial because both might find a drawn-out fight or the judge’s final decisions costly to their businesses and reputations. Billions of actions on their platform have to be analyzed.” Rossman said more time is needed because it is “one of the largest take-private deals in history” involving a “company that has a massive amount of data that has to be analyzed. Savitt emphasized the importance of an expedited trial starting in September for Twitter to be able to make important business decisions affecting such things as employee retention and relationships with suppliers and customers. He has no interest in damaging the company.” Rossman said Musk is Twitter’s second-largest shareholder and has a far larger stake than the entire board. “He’s banking on wriggling out of the deal he signed,” Savitt said.īut Andrew Rossman, Musk’s attorney, said the idea that the Tesla chief executive is trying to damage Twitter is “preposterous.
Savitt said the contested merger agreement and Musk’s tweets disparaging the company were inflicting harm on the business and questioned Musk’s request for a delayed trial, asking “whether the real plan is to run out the clock.” Twitter argues that Musk’s reasons for backing out are just a cover for buyer’s remorse after Musk agreed to pay 38% above Twitter’s stock price shortly before the stock market stumbled and shares of electric-car maker Tesla, where most of Musk’s personal wealth resides, lost more than $100 billion of their value. Musk, the world’s richest man, pledged to pay $54.20 a share for Twitter but now wants to back out of the agreement. “She seemed very concerned about the argument that delay would seriously harm the company, and I think that’s true.” “It’s a very favorable ruling for Twitter in terms of moving things along,” said Carl Tobias, a law professor at the University of Richmond. Twitter is trying to force the billionaire to make good on his April promise to buy the social media giant for $44 billion - and the company wants it to happen quickly because it says the dispute is harming its business. McCormick said Musk’s team underestimated the Delaware court’s ability to “quickly process complex litigation.” Twitter had asked for an expedited trial in September, while Musk’s team called for waiting until early next year because of the complexity of the case. “The longer the delay, the greater the risk.” Jude McCormick, the head judge of Delaware’s Court of Chancery, which handles many high-profile business disputes.
“Delay threatens irreparable harm,” said Chancellor Kathaleen St. Elon Musk lost a fight to delay Twitter’s lawsuit against him Tuesday as a Delaware judge set an October trial, citing the “cloud of uncertainty” over the social media company after the billionaire backed out of a deal to buy it.
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