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

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.

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.

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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.

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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.

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