(Rejected) Twitter Gets the Upper Hand in Takeover Case Against Elon Musk, Memecoins Hold Steadily

Twitter has gotten the greenlight to kickstart a case against Elon Musk, the CEO of Tesla Inc., in October after he failed to honor his part of the bargain of taking over the social media giant.

Through a Delaware court, Judge Kathaleen McCormick okayed Twitter’s request to have the expedited trial start in October despite Musk’s defense team asking for it to be pushed to February 2023. 

During the trial, Twitter’s lawyer, Bill Savitt, stipulated that Musk wanted to use delaying tactics to “run out the clock” so that little room would be left for appeals if the case was to commence in February next year. 

Earlier this month, Musk sent a letter to the Securities and Exchange Commission (SEC) through his lawyers highlighting that he wanted to shelf his $44 billion Twitter bid.

He cited various provision breaches like Twitter’s failure to disclose spam and fake accounts operating on its platform.

However, this decision did not go down well with Twitter because the social media giant sued Musk and his associates and stipulated:

“He refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”

At that time, Twitter sought a four-day trial that was to start in September. 

Signs of trouble in paradise started after Musk made warnings that he could pull out of the Twitter bid last month through a SEC filing, which noted:

“At this point, Mr. Musk believes Twitter is transparently refusing to comply with its obligations under the merger agreement, which is causing further suspicion that the company is withholding the requested data due to concern for what Mr. Musk’s own analysis of that data will uncover.”

As a strong advocate of Dogecoin (DOGE) and other Shiba Inu-themed memecoins, Musk’s crypto influence has gone unnoticed as his tweets often make prices soar. He had previously opined that Dogecoin was the people’s crypto. 

Memecoins have remained steady despite the current unfoldings because both Dogecoin and Shiba Inu were up by 7.4% and 6.38% in the last 24 hours, respectively, according to CoinMarketCap.