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Judge in Twitter v. Elon Musk postpones trial to October 28th
The Twitter v. Elon Musk trial is now on hold as the two sides work to hammer out a deal for Musk to complete his buyout of the social media company. On Thursday, Judge Kathaleen St. Jude McCormick, Chancellor of Delaware’s Chancery Court, stayed the trial until October 28th, following a motion from Musk’s lawyers to call off the trial.
However, if the two sides aren’t able to close by the end of the month, a trial could be back on. “If the transaction does not close by 5 p.m. on October 28, 2022, the parties are instructed to contact me by email that evening to obtain November 2022 trial dates,” McCormick wrote.
The stay comes less than two weeks before the five-day trial was scheduled to begin, and on the same day that Musk was scheduled to be deposed in the case. It’s the latest sign that Musk and Twitter are moving closer to a deal. Earlier in the week, Musk said he would agree to a deal at the original price of $54.20 a share, provided he finalized his financing and that the trial was adjourned. Twitter also confirmed it wanted to close the deal on its original terms.
But since then the two sides have still been arguing over the particulars of the arrangement. Bloombergreported Musk wanted a provision that would still allow him to sue Twitter over the number of bots on the platform, while The New York Times reported Twitter didn’t want to call off the trial until its shareholders had been paid.
Musk’s lawyers alluded to the disagreements in their filing, writing that “Twitter will not take yes for an answer,” claiming the company was endangering the deal. McCormick didn’t weigh in on the disagreement, though she noted that Twitter has opposed Musk’s motion to stay the trial.
Elon Musk’s lawyers ask judge to call off Twitter trial
Lawyers for Elon Musk have officially asked to cancel the upcoming trial with Twitter, as the two sides attempt to negotiate a deal. In a new court filing, Musk’s lawyers asked the judge to call off the trial, which is currently scheduled to begin October 17th.
Earlier this week, Musk’s camp had proposed proceeding with the original deal, to buy Twitter at $54.20 a share, contingent on Musk’s financing going through and the adjournment of the trial. Twitter responded that it was also intent on closing the deal.
While that certainly seemed to put the two sides a lot closer to an agreement, it wasn’t an immediate end to the litigation. The New York Times has since reported that Twitter does not want to call off the trial until a deal is finalized and the company’s shareholders have been paid. There are likely other sticking points, too. Bloomberg reported Tuesday that “Musk is also seeking to reserve his rights to file a fraud suit over his claims the platform’s executives misled him and other investors about the number of spam and robot accounts.”
In their latest filing, Musk’s lawyers confirm the disagreement over the trial, writing that Twitter is now endangering the deal. “Twitter will not take yes for an answer,” Musk’s lawyers write. “Astonishingly, they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders’ interests. Instead of allowing the parties to turn their focus to securing the Debt Financing necessary to consummate the transaction and preparing for a transition of the business, the parties will instead remain distracted by completing discovery and an unnecessary trial.”
Notably, the filing comes on the same day Musk was scheduled to be deposed in the case. The deposition was delayed — for the second time. Musk’s lawyers say they expect the deal could close “on or around October 28.”
Update 6 PM ET: The judge in the case has stayed the trial until October 28th, the date Musk’s lawyers said they expected to close. “If the transaction does not close by 5 p.m. on October 28, 2022, the parties are instructed to contact me by email that evening to obtain November 2022 trial dates,” Kathaleen St. Jude McCormick wrote.
Twitter v. Musk judge says the trial is still on
In a new letter filed with Delaware’s Court of Chancery, Judge Kathaleen McCormick says it’s still game on — for now at least. In the letter, sent a day after news broke that Elon Musk would seek to seal the deal with Twitter under the original terms, Judge McCormick is weighing in with an important […]
Twitter v. Musk judge says the trial is still on by Taylor Hatmaker originally published on TechCrunch
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Just before Musk backtracked, a judge said Twitter could hunt for secret chats with whistleblower
Elon Musk may have said the deal is back on, but his legal fight with Twitter is still producing some eleventh-hour twists and turns. In a late Monday filing with the Delaware Court of Chancery, Judge Kathaleen McCormick weighed in on Twitter’s request for additional discovery around potential messages between Musk’s inner circle and the […]
Just before Musk backtracked, a judge said Twitter could hunt for secret chats with whistleblower by Taylor Hatmaker originally published on TechCrunch