Twitter has reportedly hired merger law experts Wachtell, Lipton, Rosen & Katz LLP as it plans to sue Tesla CEO Elon Musk over his decision to drop his $44 billion takeover of the company.
Bloomberg reports that Twitter has hired merger law experts Wachtell, Lipton, Rosen & Katz LLP as it prepares for a legal battle with Tesla CEO Elon Musk, who recently pulled out of a $44 billion acquisition deal of the social media platform.
According to sources close to the situation, Twitter aims to file a lawsuit against Musk as early as this week. Twitter’s decision to hire Wachtell appears to be a calculated one, as the move gives them access to lawyers including Bill Savitt and Leo Strine, who served as Chancellor of the Delaware Chancery Court where the case could be heard.
Musk has reportedly hired Quinn Emanuel Urquhart & Sullivan LLP as his legal representation in the matter. The firm previously led a successful defense against a defamation claim in 2019 and is representing Musk in an ongoing shareholder lawsuit over his failure to take Tesla private in 2018.
None of the parties involved responded to requests for comment from Bloomberg. Delaware is the corporate home state of over half of U.S. public companies, including Twitter. In the state, chancery judges who specialize in business law hear cases without juries and are not able to award punitive damages.
Musk did reply using Twitter’s own platform to post several memes.
— Elon Musk (@elonmusk) July 11, 2022
Previous merger fights in the state often result in quick legal battles lasting months rather than years in which parties often settle out of court to avoid continued issues.
Read more at Bloomberg here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan