[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Sign-in] [Mail] [Setup] [Help]
Status: Not Logged In; Sign In
|
National News See other National News Articles Title: Elon Musk and Twitter's First Court Hearing - Official Date Revealed by Judge Elon Musk and Twitter's First Court Hearing - Official Date Revealed by Judge By Abby Liebing July 15, 2022 at 12:37pm A judge in Delaware has set a hearing for Tuesday to hear arguments for Twitter’s request for a September trial in its lawsuit against Elon Musk, Reuters reported Thursday. After agreeing in April to buy the social media company for $44 billion, Musk announced last week that he intended to walk away from the deal. He said Twitter was not fully disclosing the necessary information about spam accounts, The New York Times reported. The company then sued Musk in Chancery Court in Delaware, trying to force the billionaire to go through with the deal. This has set the stage for what is expected to be a long and complicated legal battle — and the first step will take place on Tuesday. Kathaleen McCormick, the chancellor of Delaware’s Court of Chancery, set a 90-minute hearing that will begin at 11 a.m. in Wilmington, Reuters reported. The court will have to determine whether Musk is still on the hook to finish the deal or if Twitter violated its legal obligations to provide Musk will all the data he requested. If Twitter violated these obligations, Musk is entitled to walk away from the deal. “Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests,” Twitter said in the lawsuit. “Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away.” Musk did sign a legally binding agreement with Twitter that included a clause allowing the social media platform to sue to force the deal, the Times reported. The dispute over spam accounts on the platform threw a monkey wrench into the deal when it arose two months ago. Musk has said he believes at least 20 percent of the accounts are “fake/spam,” while Twitter has claimed in financial documents that figure is less than 5 percent. Poster Comment: Delaware is likely the best place to incorporate because of the Chancery Courts there. They will get to the bottom of it all. Post Comment Private Reply Ignore Thread
|
||
|
[Home]
[Headlines]
[Latest Articles]
[Latest Comments]
[Post]
[Sign-in]
[Mail]
[Setup]
[Help]
|
||