Cybersecurity lawyer Leeza Garber reacts to controversy as judge sets trial date for legal battle over Tesla CEO Elon Musk’s attempt to back out of his Twitter deal on ‘Making Money.’
Tesla CEO Elon Musk, sans a tan, has been spotted enjoying the sunshine and a swim in the Aegean Sea during a trip to Mykonos, Greece.
Elon Musk was spotted shirtless during his summer break in Mykonos. (Photo courtesy of ThePhotOne/Backgrid)
The 51-year-old billionaire was seen shirtless aboard a luxury yacht with Endeavor CEO Ari Emanuel and his wife, fashion designer Sarah Staudinger. Photos obtained by FOX Business show Musk being hosed off by Emanuel and enjoying a drink while wrapped in a towel.
Musk responded to the photos in a tweet on Monday, writing: “Haha damn, maybe I should take off my shirt more often … free the nip!! (already back in the factory btw).”
TWITTER-ELON MUSK TRIAL TO START IN OCTOBER
The photos come as Musk has terminated his $44 billion acquisition of Twitter.
In a July 8 letter, Musk’s lawyers said he would be abandoning the deal, claiming Twitter is “in material breach of multiple provisions” of the agreement and “appears to have made false and misleading representations” when it accepted Musk’s acquisition offer on April 25.
Musk has disputed Twitter’s internal estimates that spam and fake accounts make up less than 5% of its users.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | TWITTER INC. | 39.45 | +1.05 | +2.73% |
Twitter responded to the letter on July 10, calling Musk and his team’s “purported termination” of the deal “invalid and wrongful” and a “repudiation of their obligations under the agreement.” The company proceeded to sue Musk on July 12, accusing him of refusing “to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”
“Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away,” the lawsuit states.
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On Tuesday, Chancellor Kathaleen McCormick of the Court of Chancery in Delaware approved the fast-tracking of Twitter’s lawsuit with a trial slated for October.
Twitter had requested the trial be expedited to September because the merger agreement has a “drop dead” date of Oct. 24. The trial will take place over the course of five days, longer than the four days Twitter had requested but shorter than the two weeks Musk had requested.
Under the agreement reached in April, Musk pledged to purchase and take Twitter private at $54.20 per share. Musk previously committed $33.5 billion in equity financing for the deal, with the remainder being funded through a debt financing package committed by banks. The debt financing package is set to expire on April 25, 2023.
As of the time of publication, Twitter shares are down approximately 7% year to date.
