Claims on Twitter “Slow-Walking” Elon Musk its suit begs trial in September
Twitter demanded a September trial and accused Elon Musk of attempting to “slow walk” the company’s case against him for his $44 billion takeover.
According to a court filing, Twitter Inc. on Monday charged Elon Musk with attempting to “slow walk” the company’s legal action to hold him accountable for his $44 billion takeover and demanded a September trial to guarantee deal financing is maintained.
According to a court filing, Twitter Inc. on Monday accused Elon Musk of attempting to “slow walk” the company’s case intended to hold him accountable for his $44 billion takeover and sought a September trial to guarantee transaction financing is maintained.
Twitter has filed a lawsuit against Musk and requested a judge in Delaware to compel him to consummate the merger at the agreed-upon price of $54.20 per share.
The business warned that even if Musk is forced to finalise the agreement, the debt financing, which expires in April, would not be completed for several more months of legal proceedings. Twitter urged the judge to reject Musk’s request to have the trial in February for this reason.
The CEO of electric vehicle manufacturer Tesla Inc. and the world’s richest man, Elon Musk, claimed San Francisco-based Twitter hurried the trial to obfuscate the reality about spam accounts and “railroad” him into purchasing the business.
The two parties will argue before a Delaware Court of Chancery judge over the trial’s suggested start date on Tuesday.
Musk’s attorneys intend to countersue Twitter, according to a Monday New York Post report, in order to learn more about spam accounts.
When the acquisition was first announced in April, Twitter’s stock price was over $50 per share. Last week, it was under $33. Twitter’s stock rose 1.8 percent on Monday to settle at $38.41.