{"id":10626,"date":"2022-07-20T11:58:25","date_gmt":"2022-07-20T11:58:25","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/twitter-musk-takeover-dispute-heading-for-october-trial"},"modified":"2022-07-20T12:39:34","modified_gmt":"2022-07-20T12:39:34","slug":"twitter-musk-takeover-dispute-heading-for-october-trial","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/twitter-musk-takeover-dispute-heading-for-october-trial","title":{"rendered":"Twitter-Musk takeover dispute heading for October trial"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>A US judge has ordered that Twitter’s lawsuit against Elon Musk go to trial in October, a blow to the world’s richest man who had asked for a delay.<\/b><\/p>\n

Mr Musk walked away from his $44bn (\u00a336bn) bid to buy Twitter earlier in July, prompting the company to sue him.<\/p>\n

Twitter hopes that the court will order Mr Musk to complete the takeover at the agreed price of $54.20 per share.<\/p>\n

The tech billionaire has accused Twitter of withholding information about fake accounts.<\/p>\n

His legal team has called for the trial to be held early next year due to its complexities, but Twitter asked for a September date.<\/p>\n

On Tuesday, a judge in the state of Delaware agreed with the company and said a delay to the trial would cast a “cloud of uncertainty”.<\/p>\n

“Delay threatens irreparable harm,” Chancellor Kathaleen St Jude McCormick said. “The longer the delay, the greater the risk.”<\/p>\n

The lawsuit accused Mr Musk of a “long list” of violations ahead of the potential merger and argued that he had “cast a pall” over the company.<\/p>\n

At the hearing on Tuesday, Twitter’s lead counsel William Savitt said the ongoing uncertainty about whether the takeover would go forward or not “inflicts harm on Twitter everyday”.<\/p>\n

To buy or not to buy?<\/b><\/p>\n

There is a theory that Musk still wants to buy Twitter, he’s just trying to knock down the price.<\/p>\n

If that’s the case, his lawyers are spectacularly good poker players.<\/p>\n

Mr Musk’s legal team wanted this trial to happen next year.<\/p>\n

They claimed they needed more time to dig through data on spam accounts. Clearly though this is also a stalling strategy.<\/p>\n

They repeated Mr Musk’s assertion that Twitter may have more fake accounts than it claims.<\/p>\n

That is a hugely damaging accusation – and a strange thing to say if Mr Musk were still interested in purchasing the company at a lower price.<\/p>\n

Twitter’s reputation has already taken a huge hit. Twitter’s revenues are almost entirely based on ads. The fewer real people on the platform, the less money it can make. Bots don’t have wallets.<\/p>\n

That’s why Twitter wants this process sorted quickly. By far the best case scenario for the company is that Mr Musk buys it for $54.20 a share – and that it happens as soon as possible.<\/p>\n

That’s why this judgement is good news for Twitter. The judge sided with Twitter’s lawyers – that a ruling needed to be reached quickly.<\/p>\n

It heaps more pressure on Mr Musk, who is faced with the bizarre prospect of having to buy a company he no longer wishes to acquire.<\/p>\n

However, in practice this will likely put more pressure on Mr Musk to settle, pay Twitter some money, and move on.<\/p>\n

“Musk has been and remains contractually obligated to use his best efforts to close the deal,” Mr Savitt said. “What he’s doing is exactly the opposite. It’s sabotage.”<\/p>\n

A lawyer for Mr Musk, Andrew Rossman, argued that he remains one of Twitter’s most significant shareholders. He said the case should go to trial next year on a “sensible” schedule that would give both sides time to prepare.<\/p>\n

Since Mr Musk began questioning the number of fake and spam accounts on Twitter’s platform in May, the company has seen its share prices fall from highs of $50 per share.<\/p>\n

The company’s shares currently stand at about $39.45 – well below the $54.20 per share at which it hopes to close the merger.<\/p>\n

A self-described “free speech absolutist”, Mr Musk has vowed to ease restrictions on content if the company were under his ownership.<\/p>\n

He has also called for the company to be more open about how it presents tweets to users and how tweets are promoted to larger audiences.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. A US judge has ordered that Twitter’s lawsuit against Elon Musk go to trial in October, a blow to the world’s richest man who had asked for a delay. Mr Musk walked away from his $44bn (\u00a336bn) bid to buy Twitter earlier in July, prompting the company to sue him. Twitter hopes […]<\/p>\n","protected":false},"author":84,"featured_media":10625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,9,16],"tags":[233,237,234],"class_list":["post-10626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-miscellaneous","category-twitter","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nTwitter-Musk takeover dispute heading for October trial - Botswana<\/title>\n<meta name=\"description\" content=\"A US judge has ordered that Twitter's lawsuit against Elon Musk go to trial in October, a blow to the world's richest ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/twitter-musk-takeover-dispute-heading-for-october-trial\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Twitter-Musk takeover dispute heading for October trial\" \/>\n<meta property=\"og:description\" content=\"A US judge has ordered that Twitter's lawsuit against Elon Musk go to trial in October, a blow to the world's richest ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/twitter-musk-takeover-dispute-heading-for-october-trial\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-20T11:58:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-20T12:39:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/07\/postQueueImg_25-62d7f76d1473c.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"976\" \/>\n\t<meta property=\"og:image:height\" content=\"549\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/twitter-musk-takeover-dispute-heading-for-october-trial#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/twitter-musk-takeover-dispute-heading-for-october-trial\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Twitter-Musk takeover dispute heading for October trial\",\"datePublished\":\"2022-07-20T11:58:25+00:00\",\"dateModified\":\"2022-07-20T12:39:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/twitter-musk-takeover-dispute-heading-for-october-trial\"},\"wordCount\":657,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/twitter-musk-takeover-dispute-heading-for-october-trial#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/07\/postQueueImg_25-62d7f76d1473c.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"homepage-english\",\"miscellaneous\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/twitter-musk-takeover-dispute-heading-for-october-trial#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/twitter-musk-takeover-dispute-heading-for-october-trial\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/twitter-musk-takeover-dispute-heading-for-october-trial\",\"name\":\"Twitter-Musk takeover dispute heading for October trial - 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