Court Date, Set for Twitter's Legal Showdown , With Elon Musk.
Quartz reports that Twitter has recorded its first win in a legal showdown with billionaire Elon Musk.
The two parties are headed to a Delaware court to settle their $44 billion deal to sell the social media outlet to Musk, the CEO of SpaceX and Tesla.
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The two parties are headed to a Delaware court to settle their $44 billion deal to sell the social media outlet to Musk, the CEO of SpaceX and Tesla.
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On July 19, Delaware chancellor Kathleen St.
Jude McCormick ruled that the case will be heard in October.
According to Quartz, the five-day trial's starting date seems to favor Twitter's motion for an expedited trial over Musk's request for a 2023 start date.
According to Quartz, the five-day trial's starting date seems to favor Twitter's motion for an expedited trial over Musk's request for a 2023 start date.
In seeking an expedited trial, Twitter cited falling user numbers, declining advertisers and employees leaving the company due to the deal being held in limbo.
In seeking an expedited trial, Twitter cited falling user numbers, declining advertisers and employees leaving the company due to the deal being held in limbo.
Musk requested a later start date due to a "complex, technical discovery" needed to determine if Twitter falsified user data filings with the U.S. Securities and Exchange Commission (SEC).
Musk requested a later start date due to a "complex, technical discovery" needed to determine if Twitter falsified user data filings with the U.S. Securities and Exchange Commission (SEC).
Quartz reports that Twitter is suing to force Musk to complete his $44 billion takeover of the social media platform.
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Since signing the deal, Musk has accused Twitter of lying in its SEC filings regarding the portion of its monetizable active daily users.
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Monetizable active daily users (mDAU) are nonhuman accounts that include bots and spam.
In a Zoom court hearing, lawyers representing Twitter called Musk's claims meritless and a stalling tactic to buy time to "wriggle out" of the deal.
