Saturday, August 13, 2022

Twitter: Elon Musk taking legal action to stop Twitter from fast-forwarding the Deal

- Advertisement -

On Friday, Elon Musk filed a motion challenging Twitter Inc’s (TWTR.N) request to expedite a trial about his intention to renegotiate his $44 billion purchase agreement for the social media company. In 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.

Twitter
credit: Reuters

It is the most recent action in what looks to be a significant legal battle between Musk and Twitter. The San Francisco-based business is attempting to end months of uncertainty for its operations as Musk attempts to back out of the agreement due to what he claims is Twitter’s “spam bot” issue.

On Tuesday, Twitter filed a lawsuit against Musk for breaking the terms of the agreement to buy the social media platform, seeking a Delaware court to compel the richest man in the world to complete the merger at the agreed-upon price of $54.20 per share. 

Because the merger deal with Musk expires on October 25th, the business requested that the trial starts in September. The argument over fake and spam accounts, according to Musk’s attorneys, is crucial to Twitter’s value and requires a great deal of evidence and expertise. They requested a trial date on or after February 13 of the following year, claiming that discovery would take a significant amount of time.

Twitter
credit: Reuters

The bank’s commitment to providing loan financing for Musk’s acquisition expires in April 2023. Therefore, the agreement might fall through if the trial started in February and did not end by April. Twitter chose not to respond to the most recent motion by Musk. Twitter’s stock fell by nearly 1% during extended trading.

also read:

The United States Government will require $4.98 Billion to replace the ZTE and Huawei Telecom equipment

Source

- Advertisement -
spot_img
Nivedita Bangari
Nivedita Bangari
I am a software engineer by profession and technology is my love, learning and playing with new technologies is my passion.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles

Bitdefender WW

More To Consider

Stay Connected

13,642FansLike
62FollowersFollow
168FollowersFollow
Ajio [CPS] IN

Hot Topics

spot_img

Latest Articles

Trending

Bigrock [CPS] IN

Featured

Adblocker detected! Please consider reading this notice.

We've detected that you are using AdBlock Plus or some other adblocking software which is preventing the page from fully loading.

We don't have any banner, Flash, animation, obnoxious sound, or popup ad. We do not implement these annoying types of ads!

We need money to operate the site, and almost all of it comes from our online advertising.

Please add technosports.co.in to your ad blocking whitelist or disable your adblocking software.

×
%d bloggers like this: