Twitter and Elon Musk will face each other in court for the first time on Tuesday as the social media company seeks to speed up its lawsuit by demanding that Musk complete the agreed upon purchase of the company for $44 billion.
Twitter and Musk’s lawyers will argue over when a trial should take place before Chancellor Kathaleen St. Jude McCormick, the chief judge at the Delaware Court of Chancery.
Twitter wants a four-day trial in September, while Musk wants to wait until February to start the trial.
Lawyers expect a quick decision from Chancellor McCormick, who may announce her decision once the hearing is over, at Twitter’s request for an expedited schedule, according to legal experts who practice or study Delaware’s exclusive business courts.
The judge will begin the hearing — which will be held remotely — after reading the opposing motions and “will have a good idea where she’s going,” said David Margules, head of corporate governance practice at Ballard Spahr LLP. “Assuming she agrees to expedite it, she won’t want to delay the parties’ ability to initiate the process,” he added.
Twitter says the case must be accelerated because shareholders and their businesses have been left in limbo by Musk’s decision this month to cancel the deal, citing the prevalence of fake accounts on the platform.
Musk says he needs more time to investigate the issue, which he says is critical to the value of Twitter, and the lead-up to the trial will be “extremely fact- and expert-intensive, requiring substantial time for discovery.” Source: Dow Jones Newswires.
Source: CNN Brasil
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