In April of this year, Elon Musk made of to buy Twitter for $44 billion. The Twitter board accepted the offer. But then the High-Tech Billionaire got out of the contract because Twitter would have concealed bad company figures. Twitter now sues Musk to hold him to the $44 billion deal. The first court meeting is scheduled for July 19 to discuss Twitter’s motion to expedite the case.
Twitter has hired New York-based Wachtell, Lipton, Rosen & Katz, with a team led by a litigator William Savitt. Elon Musk is armed with a group from Skadden, Arps, Slate Meagher & Flom LLP, led by Palo Alto, Calif.-based mergers-and-acquisitions attorney Mike Ringler.
Twitter said it has “bent over backwards” to provide Musk with the requested information and is suing Musk to enforce the consummation of the deal. The company also said Musk repeatedly breached the terms of the agreement, such as by tweeting in May that the deal was “on hold.”
The entire tech and legal community is watching this case with great interest worldwide. How it will end is currently open. Is it possible to force someone to carry out an unwanted takeover in court? That is the question!
