Tesla’s CEO has lost his bid to delay the social media giant’s lawsuit until next year
A Delaware state judge has set a date for a legal showdown between Elon Musk and Twitter sometime in October, saying any further delay “threat of irreparable harm” to the company seeking to force the billionaire to complete a $44 billion takeover.
Musk’s legal team has sought to postpone hearings until February next year, while Twitter has called for a trial as early as September.
The representative of the social media company accused the billionaire of a “attempted sabotage” and “do your best to bring down Twitter.” Twitter lawyer William Savitt argued that “The continuing uncertainty caused by Musk’s alleged termination is inflicting damage on Twitter every day, every hour of every day.”
“The longer the delay, the greater the risk” Chief Justice of the Delaware Court of Chancery, Chancellor Kathaleen St. Jude McCormick, agreed in her ruling Tuesday. The judge left it to the parties to agree on the exact date, unless they reach a settlement by then.
Twitter filed a lawsuit against Elon Musk last week in an attempt to force him to honor his promise to buy the company for $44 billion or $54.20 a share. The world’s richest man called off the deal, accusing the company of “material violation of several provisions” regarding the issue of fake accounts or bot accounts on the platform. Musk’s team disagreed with Twitter’s estimate of the number of such accounts, which puts it at just 5% of users, saying the company has done “misleading representations”.
The social media giant in turn accused the billionaire of negotiating in bad faith. “Having staged a public spectacle to put Twitter on the line, and having proposed and then signed a seller-friendly merger deal, Musk apparently believes he…is free to change his mind, trash the company, disrupt its operations, destroy shareholder value, and walk away,” declares the lawsuit.
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