Elon Musk spent four hours with ex-Tesla shareholder and billionaire friend Larry Ellison at a cozy Malibu Asian restaurant as his legal battle with Twitter continues.
Musk, 51, enjoyed a long luxury meal with tech magnate Larry Ellison, 77, at trendy Southern California eatery Nobu late Wednesday night.
Ellison, a $106 billion software entrepreneur, is the sixth richest person in the world, according to Forbes.
Meanwhile, Musk, whose net worth is $266 billion, is number one.
Musk, the world’s richest man (left and right, outside Nobu last night) spent four hours with Ellison
Larry Ellison (center, hugging Musk, right) is pictured watching a guard at the LA hotspot
A pair of Tesla stockholders and one-time Twitter buyers are part of the lawsuit filed by Twitter
After dinner: Musk dropped Ellison, 77, off in his car at the end of the meal on Wednesday night
Larry Ellison, 77, pictured at a conference in 2018, is one of the world’s richest investors
The couple might dine on the $58 crab tempura, the $70 Maine lobster, or the New York steak with mushrooms, which go for less than a slim $92.
LA sushi restaurant Nobu’s most tempting dishes
- Lobster Shiitake Salad with Spicy Lemon Dressing – $70
- King Crab Tempura Amazu – $58
- 16oz Prime New York Strip with Seasonal Mushrooms – $92
- Lobster Tempura Truffle House – $86
- Omakase Tasting Menu – $195
- Glass of Patrimony, Cabernet Sauvignon, Paso Robles CA 18 – $120
- Daiginjo Jukusei Koshu sake bottle, 60oz – $2,800
Nobu’s multi-course tasting menu costs just $200.
It’s likely the well-fed billionaires discussed Musk’s return bid to buy Twitter, which has turned into a bitter legal dispute.
The Silicon Valley firm has taken Musk to court in Delaware in an attempt to force him to buy the company at an agreed price after he sensationally pulled out of the deal last month.
Allison was offered $1 billion in Elon’s $44 billion bid in the past two weeks by Twitter.
The veteran tech billionaire is now drawn into an ongoing court battle that will begin on October 17, Bloomberg reported.
Twitter lawyer Bill Savitt slammed Musk as a ‘liar’ trying to conjure up an exit ramp for the deal.
But Musk claimed Twitter pulled the deal because it neglected to hand over information about the number of fake and spam accounts operating on the platform.
Twitter’s lawsuit argues: ‘After mounting a public spectacle for Twitter to play, and after proposing and signing a vendor-friendly merger agreement, Musk apparently believes that he—unlike other parties subject to Delaware contract law—is free to change his ways. Mind, trash the company, disrupt its operations, destroy shareholder value, and go away.’
Musk was pictured leaving his supercar in a simple black T-shirt, escorted by bodyguards
Asian restaurant Nobu in Malibu is a popular haunt for A-list guests, including the Kardashians
Ellison handed Musk $1 billion while withdrawing his $44 billion bid to buy Twitter.
Delaware courts have in the past forced potential buyers to comply with signed merger agreements, although the facts differ in each case.
In 2020, Tiffany & Co sued Louis Vuitton parent company LVHM after the luxury umbrella group tried to back out of a deal to acquire the jewelry maker.
The case was settled out of court after LVHM agreed to complete the takeover of Tiffany at a slightly lower price.
Twitter’s lawsuit will be heard in Delaware Chancery Court starting in mid-October as both Twitter and the company Musk is using to complete the merger are officially incorporated in Delaware.
The lawsuit accuses Musk of a “long list” of violations of the merger agreement that have “crippled Twitter and its business.”
Musk walks into Nobu’s entrance accompanied by a plainclothes security guard
One of LA’s most popular dining spots, Nobu Malibu (left and right) is popular with a host of A-listers, including the Kardashians.
Ellison (pictured in 2019) gave $1 billion to Elon Musk’s withdrawn bid to buy Twitter.
Legal experts say that from public information, Twitter appears to have the upper hand because Musk negotiated the deal, refusing to do traditional pre-merger due diligence.
Musk has launched many of his attacks on the merger saga from Twitter, most recently tweeting a series of memes mocking the company for trying to enforce the deal.
Twitter has hired the heavy-hitting law firm Wachtel, Lipton, Rosen & Katz to prosecute the case against Musk.
Wachtel’s appointment gives the company access to attorneys Leo Strine and Bill Savitt, who previously served as chancellors of the Delaware Chancery Court.
Chancery courts in Delaware deal with non-jury proceedings overseen by judges known as chancellors.
They often deal with business disputes, with many top US firms – including Twitter – having their corporate headquarters based there, even when their main offices are elsewhere.
Chancery courts cannot order the payment of punitive damages, and generally hear cases more quickly than criminal trials, with Twitter’s case likely to wrap up within months.
Musk hired Emanuel Urquhart & Sullivan LLP, the firm that defended him in a 2019 defamation lawsuit, and is currently representing him in a lawsuit related to Tesla.
Musk’s return, filed with the Securities and Exchange Commission, alleges Twitter failed to respond to repeated requests for information over the past three months, or failed to get his consent before taking actions that would affect its business — such as firing two top executives.
Experts speculated that the move could be a bid to reduce prices. Musk had initially offered $54.20 per share in April, but the market price of the stock had fallen to $36.81 after the deal collapsed.
Twitter chairman Brett Taylor tweeted that the board was “committed to closing the transaction” under the current terms of the deal and was “confident” they would win.
Timeline of billionaire Elon Musk’s bid to take control of Twitter
January 31: Musk began buying shares of Twitter in almost daily installments, accumulating a 5% stake in the company by mid-March.
March 26: Musk, who has 80 million Twitter followers and is active on the site, said that he was ‘seriously thinking’ about creating an alternative to Twitter and raised the question of whether Twitter is undermining democracy and freedom of expression on the platform. He also reaches out privately to Twitter board members, including his friend and Twitter co-founder Jack Dorsey.
March 27: After confidentially informing them of his growing stake in the company, Musk begins conversations with Twitter’s CEO and board members about potentially joining the board. Musk also mentioned taking Twitter private or starting a competitor, according to later regulatory filings.
April 4: Regulatory filings showed Musk became Twitter’s largest shareholder after acquiring a 9% stake, or 73.5 million shares worth $3 billion.
April 5: Musk has been offered a seat on Twitter’s board on the condition that he owns no more than 14.9% of the company’s stock. CEO Parag Agarwal said in a tweet, “It is clear to us that he will bring great value to our board.”
April 11: Twitter CEO Parag Agarwal has announced that Musk will not be on the board.
April 14: Twitter disclosed in a securities filing that Musk has offered to buy the company for about $44 billion.
April 15: Twitter’s board unanimously adopted a ‘poison pill’ defense in response to Musk’s proposed bid, an attempt to thwart a hostile takeover.
April 21: Musk has insisted on $46.5 billion in financing to buy Twitter. Twitter’s board is under pressure to negotiate.
April 25: Musk has reached an agreement to buy Twitter for $44 billion and take the company private. The outspoken billionaire has said he wants to own and privatize Twitter because he thinks it is not living up to its potential as a platform for free speech.
April 29: According to regulatory filings, Musk sold about $8.5 billion in Tesla shares to raise funds for the Twitter purchase.
May 5: Musk bolsters his offer to buy Twitter with commitments of more than $7 billion from a diverse group of investors, including Silicon Valley heavy hitters like Oracle co-founder Larry Ellison.
May 10: In a sign of how he will change Twitter, Musk has said he will reverse former President Donald Trump’s Twitter ban following the January 6, 2021 uprising at the US Capitol, calling the ban a ‘morally bad decision’ and ‘stupid’. Extreme.’
May 13: Musk said his plans to buy Twitter are ‘temporarily on hold’. Musk said that it is necessary to find out the number of spam and fake accounts on social media platforms. Shares of Twitter fell, while shares of Tesla rebounded sharply.
June 6: Musk threatened to end his $44 billion deal to buy Twitter, accusing the company of refusing to inform him about spam bot accounts.
July 8: Musk tells Twitter he’s terminating the deal because the firm won’t hand over information to spam bots
July 12: Twitter sued for a court order forcing Musk to complete the merger at the agreed price