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Join the Securities Litigation and Enforcement Group on LinkedInTwitter rejects Elon Musk’s claims that he was hoodwinked
Twitter on Thursday dismissed Elon Musk’s claims in a Delaware court filing that he was hoodwinked into signing the deal to buy the social media company, saying that it was “implausible and contrary to fact.” Musk made the claims in a countersuit that he filed under seal last Friday, which was made public on Thursday. “According to Musk, he […]
Elon Musk Sued by Twitter Investor Over Busted $44 Billion Deal – Bloomberg
A Twitter Inc. shareholder hit Elon Musk with a proposed class action, effectively joining the tech giant’s bid to block the world’s richest man from backing out of his pledge to pay $44 billion to acquire the influential social networking platform. The lawsuit was filed in Delaware Chancery Court—the same forum that’s set to hold […]
Twitter Went Into Ludicrous Mode in Elon Musk Suit
Over the weekend, Twitter sent subpoenas to 17 Wall Street bank entities that have helped Musk put together the deal. The volume of information requested is huge, as you may expect for a deal like this: every pertinent text message, email, voice-mail, DM, and whatever other way they may have communicated. The requests cover everything from […]
Twitter on the cheap: Is Elon Musk eyeing a discount?
I know it’s conventional wisdom that he wants to back out of the deal; Twitter, he says, is hiding the football on the number of fake accounts and those annoying bots. But as we’ve reported before, bankers who know him are dubious that he really wants to call it quits. They say he just wants […]
Twitter-Musk Trial Set for October in Lawsuit Over Stalled $44 Billion Takeover – WSJ
Twitter Inc. won its first legal fight against Elon Musk on Tuesday when a Delaware judge granted the company’s request to fast-track its lawsuit seeking to compel the world’s richest person to complete his $44 billion purchase of the social-media site. Chancellor Kathaleen St. Jude McCormick, the chief judge of the Delaware Chancery Court, ordered […]
Twitter Calls Elon Musk’s Bots Complaints ‘Irrelevant Sideshow’ – Bloomberg
Twitter Inc. dismissed Elon Musk’s complaints that he doesn’t have enough information about spam and robot accounts an “irrelevant sideshow” and urged a judge to hold a trial as soon as possible over his cancellation of a $44 billion buyout of the company. “The earliest possible trial date is imperative,” Twitter’s attorneys said in the […]
Elon Wants to Fight the Bots – Bloomberg
Elon Musk is trying to get out of his deal to buy Twitter. He claims to believe that more than 5% of Twitter’s mDAUs are bots. It would clearly be advantageous for Musk if we lived in the alternate universe where Twitter’s merger agreement promised that no more than 5% of its mDAUs were bots. For one […]
Judge in Twitter v. Musk once made rare ruling: ordering a deal to close | Reuters
Kathaleen McCormick took over the role of chancellor or chief judge of the Court of Chancery last year, the first woman in that role. On Wednesday, she was assigned the Twitter lawsuit which seeks to force Musk to complete his deal for the social media platform, which promises to be one of the biggest legal […]
Twitter v. Elon Musk: Let’s Look At The Lawyers
The agglomeration of legal talent on both sides of Twitter v. Musk is mind-boggling—as is the amount of money being billed on this case. But with stakes ranging from a $1 billion breakup fee on the low end to a $44 billion acquisition on the high end, with lots of room for a settlement in […]
S.E.C. Broadens Inquiry Into Elon Musk’s Disclosures About Twitter – The New York Times
The Securities and Exchange Commission has broadened its inquiry into whether Elon Musk properly disclosed his investment in Twitter and his intentions for the social media company, the agency revealed on Thursday in a filing. The agency raised questions about a tweet from Mr. Musk in May in which the billionaire claimed his $44 billion […]