Elon Musk and Twitter Face Off in Court, Previewing Netflix’s Earnings & New Reporting on the Bankruptcy of Celsius Network 7/19/22
TechCheck
CNBC
4.5 • 66 Ratings
🗓️ 19 July 2022
⏱️ 44 minutes
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| 0:00.0 | I'm John Fort. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in. |
| 0:08.3 | Time will tell. Good Tuesday morning. Welcome to Tech Check. I'm Carl Kintania with John Fort and Julia Borsston. Dear Debosa has the morning off. A few moments ago, a hearing kicks off between Twitter and Elon Musk over the timeline of that trial. And Julia, that's where we're |
| 0:23.2 | going to begin this morning. Twitter and Elon Musk lawyers are right now facing off in virtual court |
| 0:29.1 | for the very first time as the two sides make their arguments about how soon the case should take |
| 0:34.4 | place before this is all happening before the chief Judge of the Delaware Chancery Court. |
| 0:38.8 | Now, Twitter is asking for a four-day proceeding in September, arguing that shareholders in its business have been left in limbo. |
| 0:46.3 | But Musk says he needs until February to investigate spam and fake accounts, saying trial prep will, quote, be extremely fact and expert intensive, |
| 0:55.6 | requiring substantial time for discovery. |
| 0:58.2 | Twitter shooting back to that in a filing late yesterday, writing, quote, the earliest possible |
| 1:02.4 | trial date is imperative, saying the very public dispute harms Twitter with each passing day |
| 1:08.1 | Musk is in breach. |
| 1:10.0 | The chancellor who is hearing this McCormick could announce her ruling as soon as today. |
| 1:14.8 | And the October 24th deadline for completing the deal, that will likely factor into her decision. |
| 1:20.9 | So, John, I guess the question here is, what can we read into the outcome of today's hearing for perhaps insight into what what we could expect |
| 1:29.3 | for the trial itself? |
| 1:30.3 | Well, it's a lot, right, Julia? |
| 1:31.8 | I mean, we were talking about this a little earlier today. |
| 1:34.3 | Elon Musk's entire argument here seems to hinge on this idea that he stumbled across a massive |
| 1:40.6 | fraud and how Twitter calculates spam accounts and he needs time to do due diligence |
| 1:46.9 | even though he waived the right to do due diligence so he's trying to like get in a time machine |
| 1:52.5 | and redo this have the court redo this deal and make it about spam accounts even though his entire |
| 1:58.4 | argument for buying Twitter was that only as a private company, |
... |
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