With the possibility that everything can also be resolved with an out-of-court agreement with which Twitter accepts a downward offer from Musk, the two opposing parties have chosen who will represent them in the lawsuit that will see them opposed.
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As is known, last weekend, Elon Musk sent the president of Twitter, Bret Taylor, a formal letter in which he was advised that he had withdrawn from the agreement he had insisted on stipulating last April, with which he promised to buy the social for $ 44 billion, for serious contractual breaches, including false and misleading statements provided in negotiations and, later, unauthorized executive layoffs. Beyond all, the “busillis” consists in the fact that the billionaire CEO (also) of Tesla does not agree with the estimate of the blue canary, which evaluates the number of fake accounts and bots on the platform below 5%.
The affair has recently had two developments. Given that in the moments immediately following Musk’s letter many Twitter employees had indulged themselves with sarcastic memes (e.g. in which they unilaterally decided not to pay their mortgage anymore, etc.), the legal representative and general counsel of the social network who chirps, Sean Edgett, shared an internal memo with the employees of the platform which, ended up in the hands of TechCrunch, essentially contains the request not to comment or tweet on the story of the skipped agreement, given that it has now become a legal matter, which will be addressed at the Delaware Court of Chancellery.
In the meantime, Twitter management will continue “to share information when possible”, although it must be taken into account that they will be “very limited in what we can share”.
Precisely in view of the process, which Twitter hopes will begin as early as September, the two sides have lined up their cards on the table. Twitter hired law firm Wachtell Lipton, Rosen & Katz, whose co-founder Lipton is considered to be the inventor of Poison Pill, the practice of resisting hostile takeovers (which Twitter initially planned to use against Musk). Curiously, the law firm in question was, in 2018, among the consultants of Musk’s plan, also in that aborted case, to buy back all Tesla in order to turn it back (at a price of 72 billion dollars) into a private company.
On the other hand, Musk, according to whom Twitter will now effectively be forced to provide him with the data it has always asked to verify the number of fake accounts and bots, has chosen as his legal representatives, for the trial in the Delaware Court of Chancellery. , the Quinn Emanuel Urquhart and Sullivan firm, which has already defended him in the trial against the SEC relating to his claims that he wanted to secure funding to take Tesla off the market again, and in the one against the British researcher Verns Unsworth, whom Musk defamed with the epithet of “P * do Guy”.