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Twitter is taking Tesla CEO Elon Musk to court to complete the $44 billion take over deal that Elon Musk, the world’s richest man, has been trying to get out of. The lawsuit will take place not in the city or state where either company is headquartered, but at the Delaware Court of Chancery in Georgetown, Delaware.

This will be a return appearance to the Delaware Court of Chancery for Musk, as the Tesla CEO won a lawsuit brought by the company’s shareholders. The Delaware Court of Chancery has decided cases involving many high end fortune 500 companies. Delaware is home to many of the world’s Fortune 500 companies. As a matter of fact, 2/3 of the Fortune 500 companies are incorporated in Delaware.

Twitter is wanting Elon Musk to respond to the lawsuit by July 18th, so there is a very strict timeline with this case. The issue at hand is that Musk initially wanted to buy and take over Twitter, the social media giant, for $44 billion. Now Musk is trying to back out after agreement. If a judge is to decide in favor of Musk in this case, there may possibly be a $1 billion breakup fee paid to Twitter in the end.
If Musk does not cooperate with the case decision, technically he holds a lot of stock in Delaware. Which means that there could be seizure of Tesla and SpaceX because they are incorporated in Delaware. The Delaware Court of Chancery also has the right to hold someone in contempt of court, as well as the power to send someone to jail.

Hollywood Kyle is the Digital Content Producer and Production Director of Mix 99.5 WJBR. Being a Delaware local, Kyle takes pride in his hometown and has had a love for music since a young age. Hollywood Kyle joins the Mix Morning Show for abstract thoughts and ideas during "Hollywood Kyle" segment around 9:40am Monday thru Friday.