Twitter had asked for an expedited trial in September, while Musk’s team wanted to hold off until early 2023.
Twitter had asked for an expedited trial in September, while Musk’s team called for waiting until early next year because of the complexity of the case. McCormick said Musk’s team underestimated the Delaware court’s ability to “quickly process complex litigation.”
Musk, the world’s richest man, pledged to pay $54.20 a share for Twitter, but now wants to back out of the agreement., representing Twitter in Delaware’s Court of Chancery before the court’s Chancellor Kathaleen St. Jude McCormick. The hearing was held virtually after McCormick said she tested positive for COVID-19.
Savitt said the contested merger agreement and Musk’s tweets disparaging the company were inflicting harm on the business and questioned Musk’s request for a delayed trial, asking “whether the real plan is to run out the clock.”But the idea the Tesla CEO is trying to damage Twitter is “preposterous. He has no interest in damaging the company,” said Musk’s attorney, noting he is Twitter’s second largest shareholder with a far larger stake than the entire board.
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