Twitter’s bid for a $44 billion deal for the social media platform to Elon Musk will proceed to a five-day trial beginning October 17, and Musk must disclose any legal claims against the company by the end of Friday. , a Delaware judge ruled. Musk, the world’s richest man and Tesla Inc chief executive, has until 5 p.m. EDT (2100 GMT) Friday, according to an order signed by Delaware Court of Chancery Chancellor Kathleen McCormick late Thursday.
Musk’s Lawyers Have Said He Might File a Counterintelligence – Essentially His Own Lawsuit Against Him Twitter – In which he could seek monetary damages for the disputed deal. The Tesla CEO and head of SpaceX said he was walking away from the deal on July 8, accusing Twitter Inc of breaching the merger agreement by misrepresenting the number of fake accounts on its platform.
Twitter filed a lawsuit a few days later, called fake account claim A distraction saying that Musk was bound by the merger contract to close the deal at $54.20 per share. Shares of the company were up 1.4% at $41.45 in morning trading on Friday. McCormick accelerated the hearing of the case last week, saying she wanted to limit potential damage to Twitter due to the uncertainty of the deal.
Twitter has blamed the court battle for the drop in revenue and creating chaos within the company. The two sides had originally agreed to an October 17 trial, but were confused about the extent of the search, or access to internal documents and other evidence. Musk this week accused Twitter of dragging his feet in response to his search requests, and Twitter accused him of soliciting vast amounts of data that are irrelevant to the main issue in the case: whether Musk has violated the contract of the deal. was violated.
The Chief Justice in his order had anticipated search disputes. “This order does not resolve any specific search disputes, including the justification for any requests for larger data sets,” McCormick said. Musk also faces a week-long trial in Wilmington, Delaware, starting October 24. A Tesla shareholder is calling on the electric vehicle maker to void the CEO’s record-breaking $56 billion pay package as corporate waste and unjust enrichment.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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