Tornetta, Musk, and $55 Billion in Options

Tuesday brings post-trial argument in the Delaware Court of Chancery, but what does that even mean?

The Tornetta v. Musk trial was held back on November 14th through 18th, 2022. Remember those days? To be honest, it’s all a bit of a blur, but at least for the moment, sufficient failover systems still in place mean that most days, Twitter remembers. (At the end of this email, you’ll find links to all of the live Twitter coverage from the trial, as well as to the previous Substack summary of the case.)

But why are we talking about a trial from November, and what was the outcome anyway? Well, that’s kind of the point! Here’s why you should you care, especially now. Because there hasn’t been a verdict yet. These are bench trials, baby! And they are the best. And bench trials have pre- and post-trial briefing and post-trial argument, and this one happen[ed] on Tuesday, February 21st at 1:30pm Eastern, and you can see all the live-toot action here.

But for some background on all things Tornetta v. Musk, let’s dive into all the details and get prepped and recentered on how we got here, what’s going on, what will happen now, and why it matters.