Tesla’s founder and CEO had asked for it to be postponed until February to build a better defense of the case.
Judge Jude McCormick of the Delaware Court of Chancery ruled Tuesday that the trial of Elon Musk’s undoing of the Twitter purchase must be held in October, after the founder and CEO of Tesla requested that it be postponed until February for a better defense. to build the business. .
In this way, McCormick has come to an agreement with the company, which had asked to “speed up” the process, although it will ultimately not take place in September, as Twitter’s legal team had initially defended, claiming that the agreement to give the company buy should be before Oct. 24, according to CNN.
The judge agrees with Twitter’s reasoning, which had expressed that the “irreparable” damage to the company increased as time went on. “The Twitter board has a vested interest in getting this resolved quickly, and it has a vested interest in procrastinating: time is money,” a Tulane Law School professor consulted by The New York Times analyzed.
In that sense, the social network’s lawyers said last Saturday that “they only need four days to show that the richest person in the world has to keep his appointment”.
For its part, Musk’s legal team suggested February as an alternate date for the trial, arguing that the agreement’s deadline “will be automatically extended” in the event of a lawsuit, which would not affect the trial. . Sources close to the Tesla founder suggested the lawyers wanted a better chance of building their case.
On July 9, the tycoon told Twitter that he was waiving the social network’s purchase contract after receiving no response from the company when he asked for information about the number of fake accounts found on the platform, as well as how the company is operating. she checked and suspended .
Days later, Twitter filed a lawsuit against the billionaire in a Delaware court to coerce his offer to buy the company after breaking the agreement between the parties.
Musk apparently believes that unlike any other party subject to Delaware contract law, he is free to change his mind, destroy the company, disrupt its operations and destroy shareholder value. picked up by the NBC News network.
In mid-May, the tycoon had decided to temporarily suspend the purchase of Twitter, which had been agreed in late April for some $44,000 million ($43,620 million), pending details that would support the calculation of those fake accounts for less than five percent of users.
Then, through a letter sent by Musk’s lawyers to the U.S. Securities Market Commission (SEC) in early June, the billionaire’s legal team deemed Twitter’s position a “significant breach” of its obligations under the merger agreement, which they warned. that Elon Musk “reserves all rights arising therefrom, including its right not to complete the transaction and its right to terminate the merger agreement.”
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
