A judge on Tuesday upheld Twitter Inc’s request for a September trial in a lawsuit seeking to capture the world’s richest man, Elon Musk, for his $44 billion deal for the social media platform, according to a court filing. Will hear arguments.
Both sides will present their arguments to a Delaware Court of Chancery judge on Tuesday regarding the trial’s proposed start date.
Delaware Court of Chancery Chancellor Kathleen McCormick begins a 90-minute hearing in Wilmington at 11 a.m. ET.
As Bloomberg reports, Kathleen McCormick has tested positive for Covid-19. She said Tuesday a hearing on Twitter’s proposal to fast-track her case in Delaware would be moved to Zoom instead of in-person because she was “isolated in accordance with CDC guidelines this week,” according to a letter on Monday. need to be.
Meanwhile, the social media giant on Monday accused Musk of trying to “slow down” the company’s lawsuit to catch him for its $44 billion acquisition, and a September trial that it Urged to ensure that deal financing remains as per court filings.
“Millions of Twitter shares trade daily under a cloud of Musk-created skepticism,” the company wrote. “No public company of this size and scale has ever had to endure these uncertainties.”
Twitter has sued Musk and asked a Delaware judge to order the merger to be completed at an agreed price of $54.20 per share.
The company said that if Musk is ordered to close the deal, it could take months to close the debt financing, which expires in April. This is why Twitter asked the judge to reject Musk’s proposal To hear in February.
Musk, the world’s richest man and chief executive officer of electric car maker Telsa Inc., accused Twitter of obscuring the truth about spam accounts and expediting testing to “railway” into buying the company. Put it.
A source close to the matter told New York Post Musk’s attorneys plan to counterattack on Twitter to collect more information about the spam accounts.
Elon Musk pulled the plug on his $44 billion deal to buy Twitter and take it private on July 8, a regulatory filing revealed. Musk accused the social media giant of making “misleading” statements about the number of fake accounts. Twitter shares tumbled late Friday after Musk ended the deal.
Musk’s representatives said in a letter Friday that Twitter had made “misleading representations” on the number of spam bots on the social network, and that it was “in its contractual” order to provide information on how to assess how prevalent the bots are. obligations have not been complied with. Twitter as part of a regulatory filing
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