This is the appointment not to be missed: Twitter v. Elon Musk.
After three months of a slew of public ridicule matches, the showdown between the world's richest man and one of the world's social networks has finally reached its conclusion.
According to court filings, the trial between the two parties will start on October 17 and last until October 21. The Delaware judge who is presiding over the case is Chancellor Kathaleen St. J. McCormick.
Unless there is an agreement between the two camps, everything should be resolved at this trial.
Musk announced his intention to sell Twitter for $44 billion, at $54.20 per share, as a de facto public town square of our time. The CEO of Tesla (TSLA) explains why he has withdrawn - Get Tesla Inc. Report
Theo Wargo/WireImage via Getty Images
The sale of the house will close on October 24.
In past papers with the Securities and Exchange Commission of the United States, Musk has consistently stated that around 5% of its total users are fake accounts. The only problem is that the billionaire himself recognized that this is not a new problem. One of the reasons he gave for buying Twitter was to alleviate this issue.
Twitter has filed a lawsuit to force Musk to honor his original commitments to purchase the business days after the tech tycoon resigned. A provision in the agreement with Musk states that either party may terminate the agreement without penalty if it fails to close by October 24.
In a lawsuit filed by Twitter, the defendant's ability to terminate the agreement before the presumptive drop-dead date of October 24, 2022, is extremely limited and carefully circumscribed. [You can find it here.]
"Assumptions by defendants are prohibited from terminating unless there is a breach sufficiently serious to cause failure of a closing condition, which, after due notice, is either incapable of being cured or is not cured within 30 days."
TheStreet Recommends It
Kohl's Trys a Classic Brand in a Retro Collab
McDonald's Introduces Three New Burgers to Their Summer Menu
A Sports Retailer Abruptly Closes All Stores in the Retail Apocalypse
According to the platform, Twitter has suffered and will continue to suffer irreparable harm as a result of defendants' breaches.
Musk had asked for a trial to be scheduled from February 2023 at the earliest, through his lawyers.
In their motion, plaintiffs' attorneys wrote that the proposed schedule would wreak havoc on defendants by depriving them of an effective opportunity to make their claim, conduct expert analysis, and present their case. [You can read it here.]
"The only relevant date for the debt financing is April 25, 2023," the defendants said. Accordingly, defendants respectfully request trial on or after February 13, 2023, an extremely expedited schedule for a case of this magnitude that allows the court time for reasoned argument before the true outside date."
The judge leaned in the direction of Twitter. The trial will therefore be contested over five days and well before October 24.
Deadlines for the Olympics are coming to an end soon.
Before the trial, the judge set forth two deadlines for the two parties: August 1 before 5:30 p.m. ET is "deadline for serving initial discovery requests on third parties," while August 12 is "deadline for serving final requests for production of documents and final interrogatories, permitted for good cause only."
"The parties shall meet and talk promptly about a confidentiality agreement, and a discovery strategy encompassing search terms, custodians, the manner and content of privilege logs, and arrangements for any discovery to be taken from the parties' agents and advisors," said McCormick.
"The parties shall cooperate in good faith in any way with any discovery made by a party's agents, advisors, or other third parties, including depositions," she added.
This is crucial because Musk's lawyers have accused Twitter of refusing to provide papers. The billionaire has accused the platform of "resisting and thwarting his right to information."
Experts predict that the battle between Musk and Twitter will have implications in business circles. The outcome might affect mergers and acquisitions, as well as the possibility for a potential buyer to terminate a transaction when they wish. This is the case with Musk.