Twtr ticker11/18/2023 ![]() ![]() The difference between trading assets and CFDs She was named chancellor in 2021, becoming the first woman to lead the court in its 230-year history. In 2018, Chancellor McCormick joined the Court of Chancery following its expansion from five to seven members. That trial is also scheduled for October. In this case, some Tesla shareholders allege that the board violated its fiduciary duties after awarding Musk a $56bn compensation package in 2018. The McCormick + Musk connectionĬhancellor McCormick is also presiding over a case involving Musk’s electric vehicle manufacturing giant Tesla. “In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” Musk wrote. Later the same day, Musk commented on a tweet about the disclosures, confirming that he has stopped selling and that the stock sales were raising money against the possibility of a negative outcome. The deal began to show signs of problems as early as May when Musk threatened to terminate the deal over the platform’s amount of spam or fake accounts, and then again in June, when Musk claimed a “clear material breach” of the merger agreement.Įven after the sale, Musk remains owner of more than 155 million Tesla shares, the forms indicate. Upon completion of the transaction, Twitter would become a privately held company. In April, Twitter a nnounced it had entered into a definitive agreement to be acquired by an entity wholly owned by Musk for approximately $44bn. “I'm not sure if the deal will get done, but it looks like Twitter has a strong contract.” Rundown: The Musk + Twitter deal “Deal activity is also drying up and Twitter’s legal fight with Musk will probably suggest breakup fees might go up, given all the attention the Twitter and Musk saga has drawn,” he continued. In an interview with, Edward Moya, senior market analyst at OANDA in New York said, “The Delaware judge has eyed an October trial, which means Musk may want to expedite any offers to go back on his promise to buy Twitter.” ![]()
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