The legal drama over how much money it is going to cost Elon Musk to get out of his agreement to buy Twitter if he does is not going his way. The Delaware Court of Chancery is moving forward with something far closer to Twitter's requested schedule than the billionaire and self-proclaimed Technoking's attempt to delay, delay, delay.
Delaware Court of Chancery chancellor Kathaleen McCormick ruled in Twitter's favor on Tuesday for an expedited trial to force Elon Musk's $44 billion acquisition of the company. The five-day trial will take place in October.
During the hearing, Twitter's lawyer, Bill Savitt of Wachtell, Lipton, Rosen & Katz, argued that Twitter's request for a September trial was well in line with the timelines for similar cases in the past. He added that a quick trial schedule is imperative to stop the ongoing harm Twitter has experienced from the uncertainty of the deal's closure and alleged disparagement by Musk.
Savitt also alleged Musk's attempts to delay the trial may be a ploy to "run out the clock" by leaving little time for appeals before the debt commitments he made to finance the deal expire.
I really do not understand the fascination with the bot number or why Twitter's calculation of it is suddenly so problematic for Musk's future plans. It seems clear from the many, many sources that Twitter's lawyers are correct when they say it is irrelevant to the deal Musk struck with them.
Musk's lawyer, Andrew Rossman of Quinn Emanuel, argued the expedited timeline was far too aggressive for his team to review the massive data trove at Twitter, which Musk wants to review to verify the percentage of spam accounts on the platform.
But Savitt claimed that determining the percentage of spam accounts is not necessary in this case, since "nothing in the merger agreement turns on that question."