Battle Win 🥊

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Battle Win

What started off as a good deal has turned into an ugly fight. Elon Musk offers to buy Twitter for a high valuation, sending shares up further. After stalling for a couple of months, creating what felt like unnecessary tension, and making a big deal out of bot accounts, Musk terminates the deal, accusing Twitter of breaching the contract by not providing him enough information. Of course, this is all in Twitter’s perspective, who believe he breached the contract and are now suing him to go forward with the acquisition.

To begin, Elon Musk and his legal team wanted to push the trial date to early 2023 so that they could conduct research and evidence on how Twitter is misrepresenting the percentage of bots, the root of the issue between the two sides. The trial was originally scheduled for October 2022, and Twitter wanted to keep it that way, so they requested for the trial to remain in October. They feel that every day, uncertainty over the trial and deal hurts Twitter and its shareholders, while Musk isn’t affected nearly as much. Shareholders might start to sell, putting further pressure on the stock price, and that’s not appealing to any company.

Luckily for Twitter, the judge for the case ruled that the trial would occur in October in what has been the first win for the company. Judge McCormick agreed with Twitter’s concerns and ordered a five-day trial in what she believes should be an issue that will be resolved quickly. Twitter now gets the date they want, but Musk’s formidable team of lawyers are looking for ways to get the billionaire out of this sticky situation, including a possible loophole in Delaware law.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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