Elon Musk and his army of lawyers are under a lot of stress.
The billionaire has just four days to finalize his deal with Twitter. If he doesn’t, he’ll have to go to court, where experts say he’ll likely lose.
This month, the Delaware judge in charge of the court case gave the two sides until 5 pm ET on October 28 to reach a new agreement. If they don’t, the case will go back to court in November for a five-day trial.
Erik Gordon, a business law professor at the University of Michigan, told Insider that if Elon Musk misses the deadline, Judge Kathaleen St. J. McCormick likely won’t give him any more time, preferring to start the trial quickly. .
Ann Lipton, a professor of business law at Tulane University Law School, told Business Insider that “unless there really is some new intervening event that is completely out of Elon Musk’s control and stalls the deal, he probably will have exhausted the goodwill of the court. ”
Anat Alon-Beck, an assistant professor of law at Case Western Reserve University, said that even if Elon Musk can’t buy the company before the deadline, he would likely end up buying it after paying millions more in legal fees.
But experts say Elon Musk is likely to reach an agreement before Friday, when the deadline ends.
Graphics Credit: Dibakor Roy/Editorialge.com
Things would get worse for Elon Musk if he heads to court
If the two sides don’t reach an agreement by Friday, they could technically keep talking even after the lawsuits start up again and a trial date is set.
But a lengthy court battle probably won’t help Elon Musk at all.
“He knows he can’t get away and he doesn’t want to be embarrassed in public,” Alon-Beck told Insider.
Gerard Filitti, lead attorney for The Lawfare Project, an international nonprofit legal litigation fund and think tank based in New York City, told Insider that if the trial went forward, Elon Musk would have to go through a long statement and even more of his private texts could be made public.
Bloomberg said last week that Twitter and Elon Musk are preparing the paperwork to close the deal on Friday. The report was based on information from several people who are familiar with the situation. When Elon Musk first asked the court to end the case and allow him to buy the company at the original price, Twitter appeared suspicious of the billionaire’s plans. The company has said the deal won’t go through until Elon Musk can show he has the money to pay for it.
Elon Musk’s original plan to finance Twitter included $21 billion in cash, $12.5 billion in margin loans backed by his 16% stake in Tesla, and $13 billion in loans from various banks. But Insider’s Kali Hay said at least one investor wanted out of the deal.
Bloomberg said Thursday that banks, including Morgan Stanley, are ending their funding. Wedbush technology analyst Dan Ives said in a note Friday that the billionaire still owes another $32 billion but is likely to sell $5 billion to $10 billion of Tesla stock to help pay. the deal.
If Elon Musk goes through with the deal this week, the story could continue even after the deal has closed.
Graphics Credit: Nibedita Kundu/Editorialge.com
Bloomberg said Thursday that President Joe Biden was considering a security review of the deal, which includes several foreign investors including Saudi Arabia’s Prince Alwaleed bin Talal, Binance Holdings and Qatar’s sovereign wealth fund. On Monday, Karine Jean-Pierre, who works for the White House, said the stories were “not true.” Gordon said a security review probably wouldn’t stop the deal entirely, but it could force Elon Musk to pay even more for himself.
The deal would put Twitter on the path to big changes. The Washington Post said last week that Elon Musk wanted to get rid of around 75% of the company’s employees. Time said Twitter employees began distributing an open letter on Monday to protest the possible layoffs.
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Source: vtt.edu.vn