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<ul class="summary-list"><li>Kathaleen McCormick will be the judge in <keyword id="11892744" type="UNKNOWN" weightage="60" keywordseo="twitter" source="Orion">Twitter</keyword> v <keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> lawsuit.</li><li>Columbia Law professor Eric Talley said her record of siding with sellers was bad news for Musk.</li></ul>Elon Musk's chances of winning an acrimonious legal battle with Twitter have taken a blow by the appointment of the judge in the trial, a legal expert said.Kathaleen McCormick appointed herself to oversee Twitter's lawsuit in the Delaware Chancery Court, which <a href="https://www.businessinsider.com/elon-musk-says-he-is-terminating-his-deal-to-buy-twitter-2022-7?r=US&amp;IR=T">followed Musk's decision to abandon a $44 billion deal</a> to buy the social media platform. Eric Talley, a professor at Columbia Law School who has known McCormick for seven years, told Insider her background meant Musk's chances of winning look slim.<h2>Pleasant, unassuming, and a ruthless record</h2>McCormick has served as chancellor of Delaware Chancery Court since last year. She is notable for previously forcing a buyer to complete an acquisition in circumstances similar to Musk's reasoning for his own withdrawal. <a href="https://www.shearman.com/-/media/files/perspectives/2021/05/just-desertsdelaware-court-of-chancery-orders-closing-of-cake-supplier-acquisition2.pdf">The Chancellor forced</a> private equity firm Snow Phipps Group to close its $550 million acquisition of cake supplier DecoPac Holdings in April 2021 following COVID-19 headwinds. McCormick cited "specific performance" in her ruling to force the deal to be completed. Specific performance is an equitable, discretionary remedy which, if granted, compels a party to perform a contractual obligation, <a href="https://www.lexisnexis.co.uk/legal/guidance/specific-performance-of-property-agreements#:~:text=Specific%20performance%20is%20an%20equitable,or%20will%20not%20be%20ordered.">according to LexisNexis</a>. "She not only was unsympathetic to them, but even after they had ginned up some resistance amongst their financiers and tried to point to that as a reason they should be allowed to walk away, she wasn't having any of it," Talley said. The academic saw it as an interesting contrast to a case heard by Delaware Chancery Court's vice-chancellor, Travis Laster, in which he <a href="https://courts.delaware.gov/Opinions/Download.aspx?id=327380">sided with the buyer</a> of a hotel chain in a $5.8 billion deal after it had pulled out using "ordinary course" – something cited by <a href="https://www.sec.gov/Archives/edgar/data/1418091/000110465922078413/tm2220599d1_ex99-p.htm">Musk's lawyers in his withdrawal letter</a>.McCormick's ruling, Talley said, was the less common verdict.Tally said McCormick offered "a terrific study in contrast" to Musk as she was "one of the most pleasant, unassuming people you could ever meet," and wasn't a fan of confrontation."And that could lead someone to think that she's going to be easily cowed when she puts on her judicial robes, and it's just not the case," Talley said.He argued that McCormick wouldn't be intimidated by "people who believe themselves to be the icons of industry."<h2>Musk's 'optics' not a good look</h2>The setup of the Delaware court itself, Talley said, could also work against Musk. These courts are small, but wield exceptional power, <a href="https://www.law.cornell.edu/wex/chancery">with the ability to settle disputes</a> with injunctions, or specific performance used by McCormick last year.They also look at "optics", Talley said, and can decide what is equitable under the circumstances, including by looking at behavior."My sense is that Musk's brashness throughout this deal is not only undermining some of his already thin legal case about how Twitter breached its side first, but it is also probably making it more and more likely he's going to suffer a big loss," Talley said."McCormick may be relatively unflinching and her willingness to say, 'Yeah, you know what, you've made a mess of this whole thing and guess what, the dumpster fire belongs to you. You're going to be required to close this transaction'."Ultimately, Talley said he was sceptical about Musk's reasoning in any case, and that his pledge to take over Twitter to fix the <keyword id="11915323" type="UNKNOWN" weightage="60" keywordseo="bots" source="Orion">bots</keyword> problem meant his argument that the deal couldn't go through because of the number of fake accounts was weak."Given the public facts that were available, and the complaint that was filed by Twitter's attorneys, I would say this is a very uphill battle from Mr Musk's perspective."

Twitter, Elon Musk, and the 'pleasant, unassuming' Delaware judge who may force him to pay tens of billions of dollars

<ul class="summary-list"><li><keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> shares should recover after <keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> abandoned his <keyword id="11892744" type="UNKNOWN" weightage="60" keywordseo="twitter" source="Orion">Twitter</keyword> takeover, analyst Dan Ives said. </li><li>The car maker has lost about a quarter of its value since Musk launched his bid for Twitter.</li></ul>Elon Musk's decision to abandon his takeover bid for Twitter is expected to help Tesla's stock price recover from big losses this year, according to a respected tech analyst.Dan Ives of Wedbush Securities said the deal had been a burden on Tesla stock, but <a href="https://www.businessinsider.com/twitter-to-take-elon-musk-court-fight-close-deal-2022-7?r=US&amp;IR=T">a likely legal battle</a> will continue to deter some investors. "For Tesla's stock this will be some relief rally as this situation was an overhang on the stock, but the Street is wary of the looming court battle ahead between Musk and the Twitter board," Ives said.Shares in Tesla, where Musk is CEO, rose 2.2% in after-hours trading on Friday after Musk said he was pulling out of the deal.The stock closed at $752, valuing the company at almost $780 billion, but the shares have fallen 37% this year. However, they are still 14% higher than in July last year and it remains the world's most valuable car maker by far.Twitter shares fell more than 5% in after-hours trading to $35. The company is now valued at just $28 billion – $16 billion less than Musk had offered. The deal has clearly weighed on Tesla's share price, and therefore Musk's net worth. The world's richest man has lost $65 billion since he decided to acquire the company, <a href="https://www.businessinsider.com/musk-wealth-fell-65-billion-since-announced-plan-buy-twitter-2022-7?r=US&amp;IR=T">Insider reported</a>, while the car maker has lost about a quarter of its value since the deal was announced on April 25.<a href="https://markets.businessinsider.com/news/stocks/elon-musk-sold-4-billion-tesla-shares-over-two-days-2022-4">Musk sold Tesla shares worth $4 billion in two days</a> after he agreed to buy Twitter.Throughout the takeover process, Musk claimed that Twitter was not a distraction to his work at Tesla and his other company SpaceX. In May <a href="https://www.businessinsider.com/elon-musk-twitter-deal-tesla-spacex-distraction-2022-5?r=US&amp;IR=T">he tweeted that was spending less than 5% of his time on the Twitter deal</a> in response to a meme.Tesla has also been hit by a wider market sell-off amid the <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-sp-500-worst-start-1970-inflation-2022-6">worst opening half to the year for stocks since 1970</a>, lockdowns <a href="https://www.businessinsider.com/tesla-pause-production-germany-china-plants-boost-output-2022-7?r=US&amp;IR=T">affecting Tesla's Shanghai factory</a>, and mounting competition from other carmakers. However, things may be looking up for Tesla, which <a href="https://www.businessinsider.com/teslas-china-shipments-records-covid-shutdowns-2022-7?r=US&amp;IR=T">more than doubled production</a> in China in June compared with the previous month.

Tesla shares set to recover after Elon Musk walks away from Twitter, analyst says

<ul class="summary-list"><li><keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword>'s net worth, tied largely to <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> <keyword id="11911182" type="UNKNOWN" weightage="60" keywordseo="stock" source="Orion">stock</keyword>, has fallen by $65 billion since April. </li><li>Tesla stocks, which were $998.02 per share the day he announced his plan to buy <keyword id="11892744" type="UNKNOWN" weightage="60" keywordseo="twitter" source="Orion">Twitter</keyword> are now $752.29 each.</li></ul>In the months since he announced his <a href="https://www.businessinsider.com/elon-musk-to-buy-twitter-board-accepts-44-billion-2022-4">intention to buy Twitter</a>, Elon Musk's net worth — which is tied largely to Tesla stock — has fallen by <a href="https://www.businessinsider.com/elon-musk-jeff-bezos-zuckerberg-net-worths-drop-recession-concerns-2022-6">$65 billion</a>. Tesla stocks, which were $998.02 per share on April 25, the day he announced his plan to buy Twitter, have fallen more than 24% and closed today at $752.29 each. While the <a href="https://markets.businessinsider.com/">stock market</a> has faced significant fluctuations over the past months, Tesla's losses are greater than average. In comparison, the S&amp;P 500 lost 9.2% in the same time period and the Dow Jones Industrial Average fell by 7.9%. Musk's net worth peaked in November of last year at over $340 billion, according to <a href="https://www.bloomberg.com/news/articles/2022-06-14/world-s-richest-have-lost-1-4-trillion-in-2022-after-rapid-gains#xj4y7vzkg">Bloomberg</a>, and fell to $197.1 billion last month — a 42% decrease. The billionaire on Friday announced that he plans to <a href="https://www.businessinsider.com/elon-musk-says-he-is-terminating-his-deal-to-buy-twitter-2022-7">back out of the $44 billion deal</a> to buy the social media platform, citing concerns about spam accounts and accusing the company of being "in material breach of multiple provisions" of the merger agreement.Some financial experts have argued that Tesla's financial losses would make <a href="https://www.washingtonpost.com/technology/2022/04/26/elon-musk-tesla-twitter-stock/">securing financing for the Twitter deal more difficult</a> for Musk, as he pledged billions of dollars of his Tesla stock as collateral for the takeover. It is unclear if the deal's financing had anything to do with Musk's decision to back out. Tesla did not immediately return Insider's request for comment.

Elon Musk's net worth has fallen by $65 billion since he announced he wanted to buy Twitter

<ul><li><keyword id="6355315" type="General" weightage="100" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> has offered to buy <keyword id="6354616" type="General" weightage="20" keywordseo="twitter" source="Orion">Twitter</keyword> for $42 billion.</li><li>The Tesla cofounder already owns 9.2% shares in the company.</li><li>Musk had earlier declined the appointment to Twitter’s board of directors</li></ul>Elon Musk has offered to acquire social media giant Twitter for around $42 billion, days after acquiring 9.2% stake in the company and rejecting the offer to join the board of directors. Musk, the world’s richest man has offered a price of $54.20 per share. This represents a 38% premium to Twitter’s closing price of $39.31 on April 1, which was the last trading day before Musk announced his investment in the company. The new offer of $42 billion was revealed in a <a href="https://www.sec.gov/Archives/edgar/data/0001494730/000110465922045641/tm2212748d1_sc13da.htm">regulatory filing</a> by Musk to the US Securities and Exchange Commission. Musk has been <a href="https://www.businessinsider.in/tech/news/elon-musk-is-now-asking-if-people-want-an-edit-button-in-twitter/articleshow/90656209.cms">running polls</a> of late about Twitter, on Twitter, asking his followers to give their opinions about matters like freedom of speech on the platform, as well as the highly-requested edit button. “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company,” Musk said in a letter to Bret Taylor, Twitter chairman. In the letter, Musk also added that the offer of $54.20 per share is his best and final offer. “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk added. In a message to Taylor, Musk added that he is not interested in playing the back-and-forth game and he has offered a high price, claiming “your shareholders will love it.” It remains to be seen how Twitter responds to Musk’s offer. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/elon-musk-was-sued-by-a-twitter-shareholder-for-allegedly-disclosing-his-stake-in-the-social-media-company-too-late/articleshow/90809528.cms">Elon Musk was sued by a Twitter shareholder who alleged he disclosed his stake in the social-media company too late</a> <a href="https://www.businessinsider.in/tech/news/why-would-elon-musk-abruptly-cancel-plans-to-join-twitters-board-he-may-want-to-take-over-the-company-or-just-the-freedom-to-tweet-in-peace-/articleshow/90787004.cms">Why would Elon Musk abruptly cancel plans to join Twitter's board? He may want to take over the company, or just the freedom to tweet in peace.</a> <a href="https://www.businessinsider.in/tech/news/elon-musk-decides-not-to-join-twitters-board-a-week-after-becoming-the-largest-shareholder-of-the-company/articleshow/90770619.cms">Elon Musk decides not to join Twitter’s board a week after becoming the largest shareholder of the company</a>

Elon Musk offers to acquire Twitter for $42 billion

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Twitter, Elon Musk, and the 'pleasant, unassuming' Delaware judge who may force him to pay tens of billions of dollars

Ryan Hogg,Sam Tabahriti

Tesla shares set to recover after Elon Musk walks away from Twitter, analyst says

Ryan Hogg

Elon Musk's net worth has fallen by $65 billion since he announced he wanted to buy Twitter

Katherine Tangalakis-Lippert

Elon Musk offers to acquire Twitter for $42 billion

Sourabh Jain

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