Twitter claimed lawsuit against Elon Musk, over the $44 billon buyout deal, gets trial date for October. The order came from Delaware Court Chancery chancellor Kathaleen McCormick, who have turned down Musk’s previous proposal for trial in February.
McCormick refused to delay the trial any further and said that both Twitter and Elon Musk, CEO of Tesla, are capable to go for expedited trial. Musk’s trial proposal for February would require to go under rigorous investigation, identifying the exact number of spam accounts.
McCormick stated,” The reality is delay threatens irreparable harm to the sellers.”
Twitter, who have pulled the buyout deal to the court wants McCormick to order Musk to complete the acquisition deal he proposed in April, at the agreed price $54.20 per share.
William Savitt, attorney representing Twitter said before the Chancellor, ”It’s attempted sabotage. He’s doing his best to run Twitter down.”
As the opposition part, Elon Musk claimed that Twitter have failed to give him details on ‘fake accounts’ and ‘spam bots’ running on Twitter platform. He also adds that Twitter have laid-off notable number of employees and fired top managers.
Andrew Rossman, attorney in support of Elon Musk said that extra time should be given as Twitter-Musk deal is “one of the largest take-private deals in history”, and involves “billions of data in the platform that needs to be analyzed.”
As of Wednesday afternoon, Twitter is up by 2.81 per cent at $39.49 per share.
Published on
July 20, 2022
