Representing Elon Musk, Ed Micheletti of Skadden Arps Slate Meagher & Flom said Twitter shareholders were neither third-party beneficiaries and that claim, along with one for breach of fiduciary duty, should be dismissed.
September 19, 2022 at 03:30 PM
3 minute read
An attorney for Elon Musk argued Monday that Twitter shareholders don’t have standing to litigate a Chancery case of their own that parallels one filed by Twitter itself.
Under the terms of Musk’s agreement to buy Twitter, said Ed Micheletti of Skadden Arps Slate Meagher & Flom in support of Musk’s motion to dismiss, shareholders can’t push for a deal they’re not party to, and they don’t count as third-party beneficiaries.
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Tesla CEO and Space X founder Elon Musk, and Twitter headquarters. Credit: Shutterstock.com/ALM
