The opening arguments of the multi-billion dollar court case that will decide whether the richest man in the world will purchase one of the internet's most influential social networks, as he agreed to months ago, were laid into Tuesday.
A buyer conjuring an exit plan is what we are looking at. It looks like what we have here is what buyer's remorse can be.
Musk's lawyers called the company's attempts to comply with the terminated contract "too little, too late".
If they wanted to be transparent with their second-largest shareholder, who is entitled to see their books and records, they had every opportunity to do that, but they did not.
The attorney for Musk and the social media company are at odds over when the trial should start. Musk wants to stretch out the trial from September to February in order to allow for more time for discovery. Musk's attorneys accuse the company of making it difficult for them to conduct searches because they need more time to analyze the flood of data at their disposal. Longer delays would hurt shareholders and aren't supported by enough legal precedent. The company said that Musk's team has been preparing for trial since the company first granted Musk a firehose of user data in June.
The lawsuit was filed to force the CEO to follow through on his promise to buy the company. In April of this year, Musk agreed to purchase Twitter for $44 billion at a share price of $54.20. The agreement was terminated on July 8 after a lengthy back-and-forth between him and the company.
The billionaire was spotted by the photographers on a yacht in Greece. The inspiration for Entourage was hosing him down with water.
Musk's lawyer accused the social networking site of mucking up the proceedings.
The New York Times had a copy of their complaint before I did. Musk's lawyer said that he shouldn't come to the court asking for relief.
The proliferation of automated accounts on the social network has soured Musk on purchasing it. He accused the social networking site of "obfuscation."
His lawyer said that as long as it is necessary to get Musk to complete the purchase, they want to keep the issue secret. We got delays, a non-working replica of the fire hose, and limits on the fire hose to foil our experts, instead of saying, 'Here's all the data we have that we look at.'
His contention was spurious and that the merger agreement between the two accounts was not news to Musk.
There is nothing in the merger agreement that is contingent on any of these things. The case won't be about what the merger agreement is about.
Musk's lawyer said Tuesday that they are not opposing the expedition, full stop. The lawyer for the social network accused him of trying to run out the clock.
The lawyer for Musk said that he had never done intentional damage to the company.
It is preposterous to think that Mr. Musk is damaging the company by sending out a bunch of gibberish. He doesn't want the company to be damaged. He has a bigger economic stake than the rest of the board.
It is justice denied if justice is delayed.
The federal government is involved. In a letter sent Friday, the Securities and Exchange Commission questioned if Musk was serious in his attempts to buy the social networking site.
The judge said Musk's team underestimated the court's ability to litigate the case. A five day trial will take place in October of this year. Even though it is slightly delayed from the September trial, it is still months ahead of the date Musk's lawyers wanted.
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