The first round of the legal confrontation from Twitter e Elon Musk is about to start: tomorrow 19 July the first court hearing in a court of law in Delaware. Twitter called on Tesla’s boss after the latter first promised and then skipped the acquisition of the company.
Twitter and Musk, first court hearing tomorrow July 19th
Elon Musk and Twitter, a Wall Street style soap opera that continues. The billionaire had first bought a 5% stake in Twitter, although he was unable to join the company’s board of directors. Musk had then presenting a $ 44 billion bid to buy social media, partly by asking for a multi-billion dollar loan from the bank and partly with own funds and from external investors.
Then Musk started saying that the number of bots on the platform was over 5% as reported by Twitter. This kicked off a back and forth of weeks, closed with the Musk waives the acquisition of Twitteralready approved by the Board of Directors but not yet by the shareholders.
Now Twitter takes Musk to court for compensation. In the acquisition contract, up to one billion dollars in case of non-acquisition and it seems Twitter also wants to ask for damages. On the other side, Musk declares that missing information on the social network invalidates the offer. A legal judgment is therefore needed to unravel the affair.
Tomorrow 19 July 2022 at 11.00 in a Delaware court, the trial will begin with the first hearing. But it will only be a question of whether or not it will be possible to carry out a quick process. In fact, Twitter would like to start the discussions as early as September. While Musk wants to wait until at least next February.
The issue promises to be discussed a lot, but we need to understand what reasons Twitter will give for an accelerated process. And if the judge accepts them. But tomorrow’s decision will in all likelihood not have a big impact on the final result. Even if he will tell us what dates to mark on the calendar for this process that will cause discussion.