Elon Musk Doesn’t Want To Hold The Twitter Trial Until February
Elon Musk has pulled out of his $44 billion Twitter Trail deal. Now he faces a lawsuit that could cost him dearly. But in court, everything goes much too fast for him. Because if Musk has his way, the Twitter process should start in February at the earliest.
True to the motto “a new round, a new crazy ride,” this week also starts with news about Twitter and Elon Musk.
Just last week, Twitter filed a lawsuit against Elon Musk. The reason: Musk had withdrawn from his $ 44 billion Twitter takeover after a long back and forth.
What Is The Current Status Of The Twitter Process?
But Twitter didn’t just file a lawsuit last week. The company has also applied to the competent court for summary proceedings.
The group wanted to hold a four-day trial as early as September. Elon Musk is now opposed to this. As Bloomberg reports, he wants to start the trial in February 2023 at the earliest.
According to Elon Musk’s lawyers, Twitter officials “unfairly pushed for a ‘warp-pace’ trial.” Therefore, the Twitter process should not be negotiated until next year.
In a 14-page brief, Musk notes that Twitter’s proposed timeline is an “extremely rapid timeline for a case of this enormous magnitude.” Therefore, the process should start on February 13, 2023.
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Why Is Elon Musk Pushing For A Later Start For The Twitter Trial?
According to the Bloomberg report, Elon Musk accuses Twitter Trial of a “tactical delay.” The people responsible for the platform thus delayed providing information about savings accounts. The request for an accelerated procedure would support this.
“Twitter’s sudden request for warp speed after two months of procrastination and obfuscation is the latest tactic to hide the truth about spam accounts long enough to corner the accused,” Musk’s legal team said.
The core dispute over bogus and spam accounts is fundamental to the value of Twitter.
The evaluation and analysis of the existing spam and bot accounts on Twitter are “extremely factual and expert-intensive.” The judicial exchange of information, therefore, requires a lot of time.
Twitter ignores that Elon Musk is the company’s second-largest shareholder. According to his lawyers, Musk has “a far greater economic interest” in the company than the entire board.
What Are The Chances Of An Expedited Procedure?
But whether the Twitter process will become a fast-track process will only become apparent on Tuesday. Because then the responsible judge wants to hold a hearing and decide on the procedure. The Twitter trial will be held in Delaware Chancery Court. Both parties stated this in the takeover agreement.
The judges there are experts in commercial law. That is why processes of this magnitude are dealt with more quickly here than is usual in US courts.
According to Bloomberg, “complex business cases” in the Delaware Chancery Court are typically “tried before a judge within six or seven months of filing.” As Bloomberg reports, he wants to start the trial in February 2023 at the earliest. According to Elon Musk’s lawyers, Twitter officials “unfairly pushed for a ‘warp-pace’ trial.” Therefore, the Twitter process should not be negotiated until next year.
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