With Elon Musk pulling out of his $44 billion acquisition deal to purchase Twitter, there has been a lot of pushback from the company. Not only did Musk pull out, but he also said some things many took as gospel, which made the company stock fall. Everyday they are in this situation is another day the company loses money. Twitter’s lawyers were able to get a judge to see that. So instead of a trial happening as late as December, they will be holding an expedited trial in October, just two months and a few weeks away.
Delaware Court of Chancery Chancellor Kathaleen McCormick ultimately ruled in Twitter’s favor. The trial will take place over five days in October where each side will present their case. The main points are that Twitter says they gave Musk above and beyond what was needed to determine the amount of fake accounts.
“The longer the merger transaction remains in limbo, the larger a cloud of uncertainty is cast over the company,” she said.
Musk’s team is not happy with this. They state that the discovery portion of the case will not have enough time to check the numbers against how many real users vs. bots there are. Musk stated this to be why he backed out initially which is part of the problem concerning bad mouthing the platform in a public space. He also violated his NDA while the deal was still going through by talking numbers that he had been privy to.
Musk is said to have ignored or not paid attention to how they collect their data. Musk says that the opposite is true and they violated the agreement when they not only neglected to hand over pertinent information but also let two senior executives go after the initial deal was made.
While the decision was being made, Musk used the social media platform to tackle some very-important-business.