On Friday, Elon Musk filed a motion rejecting Twitter Inc’s request to expedite trial proceedings related to his decision to walk away from a $44 billion deal for the social media company.
In court documents submitted to the Delaware Chancery Court, Musk’s attorneys argued that Twitter’s “unjustifiable request” to have the merger case tried in two months should be denied.
Must read-
- API Rate Limits at the Core of Elon Musk’s Decision to Ditch Twitter
- How Elon Musk’s Twitter Deal Will End: Outkick Founder Clay Travis
Elon Musk Makes Requests to the Courts
The newest development looks like a very public legal battle between Twitter and Musk. San Francisco-based firm aims to end months of uncertainty after Musk threatens to back out of the deal over Twitter’s “spam bot” issue.
On Tuesday, Twitter filed a lawsuit against Musk for breach of contract, asking a Delaware court to compel the world’s richest man to close the merger at the agreed-upon price of $54.20 per share.
The merger agreement with Musk expires on October 25, so the company asked for the trial to begin in September.
Musk said in his filing that Twitter’s sudden request for warp speed after two months of foot-dragging and obfuscation was Twitter’s latest tactic to hide the truth about spam accounts long enough to railroad defendants into closing.
According to Musk’s attorneys, the dispute over fake and spam accounts is crucial to Twitter‘s value and requires extensive fact-finding and expert analysis. They claimed that discovery would take a long time and asked for a trial date to begin on or after February 13 of next year.
For Musk‘s acquisition, banks committed to a debt financing package that will run out in April 2023. It would be risky if the trial started in February and didn’t wrap up by April.
Twitter did not provide a statement regarding Musk’s latest lawsuit.
Twitter’s share price was down about 1% in after hours of trading.
I hope you found the information presented above to be of use. You can also look through our news section, where we normally cover all of the most recent news and happenings around the world. Visit our website if you’d like to learn more about this topic.