The soap opera of the “failed” takeover of Twitter continues. Elon Musk has indeed, according to our colleagues from Challenges, filed an appeal against the social network. The complaint document will likely be released on Friday. Elon Musk, who only notified the social network on July 29, 2022, gives Twitter teams very little time to review the 163-page document and delete all the confidential information it contains about the company.
The contractor’s complaint will be judged by Kathleen McCormick, a judge of the Court of Delaware – State in which any legal action involving the social network should be held in any case. She was appointed to judge the case on July 13, 2022. In such cases, in the United States, the defense normally has a period of 5 working days to consult the documents of the complaint and censor the parts deemed sensitive.
Twitter: Elon Musk’s appeal will be published on Friday August 5, 2022
History of increasing the pressure on the firm of Parag Argawal, Elon Musk estimated that a period of three working days would be more than enough. It should be noted in passing that Kathleen McCormick has already judged contentious mergers of this type. In 2021, it even forced a company to honor its merger agreement under the terms initially agreed. Twitter officials also seem rather confident at this stage. on their chances of winning this legal tussle.
Even if, in fact, Elon Musk’s reversals and attacks have already cost the company a lot, which has seen its share price falls at less than $41 at the time of this writing. On April 25, 2022, the entrepreneur has indeed signed an agreement to buy the social network for $54.20 per share – for a total amount of 44 billion dollars. But in the weeks that followed, Elon Musk announced the suspension of the takeover.
According to him, the proportion of fake accounts on the social network is much higher than the 5% claimed by Twitter in its last report. Later, he accused the social network of blocking his access to data that would allow him to verify this information himself… The fact remains that the agreement signed by the entrepreneur does not include any clause allowing the takeover to be suspended – which could help, among other things, the judge to force Elon Musk to honor the agreement.
