Elon Musk has lost his appeal to move the Twitter case to 2023 as Delaware Court of Chancery Judge Kathaleen McCormick schedules a five-day trial for October 2022.
And this is exactly what Twitter wants. While there appears to be no selfish reason for the company to want a speedy trial, it may be trying to pull the rug from under Musk’s legal team.
The tech Billionaire’s lawyers had said that they needed enough time to build their case on why he was trying to back out of the $44 billion buyout deal. However, with this ruling, they get only about two months to do so.
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“The reality is delay threatens irreparable harm to the sellers,” Judge Kathaleen McCormick said, according to a Reuters report. “Those concerns are on full display in the present case. Typically, the longer the merger transaction remains in limbo, the larger the cloud of uncertainty cast over the company and the greater the risk of irreparable harm to the sellers,” she added, as quoted by The Wall Street Journal.
During the hearing on Tuesday, Elon Musk’s reason for wanting out of the deal remains the fact that he feels that Twitter is not telling the entire truth about how many spam accounts it has. In their defence, the company said that the initial agreement did not include anything about that metric.
“The lawsuit doesn’t turn on the amount of spam and fake accounts… That’s not what this case is about,” the company’s lawyers argued.
Instead, the issue, as they see it, is that the eccentric tech boss continues to carry out a smear campaign against the social media company and breach an agreement while not having any supporting evidence that the other party is not being 100% truthful.
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