Twitter Gets Fast-Tracked Elon Musk Trial Over $44 Billion Deal

Elon Musk, the CEO of Tesla, was unsuccessful in his attempt to delay Twitter’s lawsuit against him, as a Delaware judge on Tuesday set a trial date for October, citing the “cloud of uncertainty” surrounding the social media company as a result of the billionaire’s decision to back out of a deal to purchase it. Chancellor Kathaleen St. Jude McCormick, the chief judge of Delaware’s Court of Chancery, which hears numerous high-profile corporate cases, stated that “delay threatens irreparable injury.” “The risk increases with the length of the delay.”

In September, Twitter requested a speedy trial, but Musk’s legal team recommended delaying it until the beginning of the following year due to the difficulty of the case. Musk’s team “underestimated the Delaware court’s capacity to speedily process complicated litigation,” according to McCormick.

Twitter is attempting to persuade the billionaire to follow through on his April promise to purchase the dominant social media platform for $44 billion (roughly Rs. 3,51,800 crore), and the company wants it to happen as soon as possible because it claims the ongoing legal dispute is negatively affecting its operations.

“It’s a very favourable ruling for Twitter in terms of moving things along,” said Carl Tobias, a law professor at the University of Richmond. “She seemed very concerned about the argument that delay would seriously harm the company, and I think that’s true.”

Musk, the world’s richest man, pledged to pay $54.20 (roughly Rs. 4,300) a share for Twitter but informed the company in July that he wants to back out of the agreement.

“It’s attempted sabotage. He’s doing his best to run Twitter down,” said attorney William Savitt, representing Twitter before McCormick on Tuesday. The hearing was held virtually after McCormick said she tested positive for COVID-19.

Source: Gadgets360