TE24 International Desk:
A legal battle to keep Yaron Musk on the hook for its $44 billion acquisition of Twitter Inc in October is underway after a Delaware judge said it quickly corrected uncertainties in the deal won by the social media companies on Tuesday. I will be judged.
The ruling hurt Musk, who sought a trial in February to allow a full investigation into allegations that Twitter misrepresented the number of fake and spam accounts.
The question of whether Twitter’s user base has grown is at the heart of his claim that he can cancel a deal. The company, which filed a lawsuit in September, says the issue is misleading and the terms require Musk to pay.
Twitter has argued that delaying the trial until next year could jeopardize the financing of the transaction.
Delaware Premier Kathleen McCormick said Tuesday that the agency deserves a quick decision on its complaint. “In reality, delays can cause irreparable harm to sellers,” he noted on Twitter.
McCormick requested the parties schedule a five-day trial. Twitter share
Tuesday afternoon rose 3.4% to $39.71.
A lawyer for Musk, who is CEO of electric car maker Tesla, did not respond to requests for comment. “We are pleased that the court has agreed to facilitate this process,” a Twitter spokesperson said.
Twitter wants McCormick to order Musk to close the deal at the agreed price of $54.20 per share. If Musk is sentenced to a shutdown, he said a hearing date would be needed as soon as possible, followed by additional processes to resolve funding that expires in April.
Twitter lawyer William Sabbitt argued that Musk raised the issue of bots and spam accounts because he was “trying to withdraw an exit ramp for transactions without it.”
Musk’s lawyer has disputed the idea that Musk is trying to damage Twitter, noting that the billionaire owns more shares than Twitter’s directors combined.
Musk claimed that a faster process could allow Twitter to hide the truth about spam accounts. That’s the question Musk began asking after signing the Twitter deal in late April.
“When Mr. Musk started asking questions, he got a surprising answer,” Musk’s lawyer, Andrew Rothman, said. He said it would take months to analyze the vast amount of data to answer Musk’s questions about Twitter’s spam accounts.
Musk is already facing another five-day trial, having passed his record $56 billion payment package from Tesla before McCormick from Oct. 24.
Musk is already facing five more days of trial, before McCormick overturns his record $56 billion payment package from Tesla.A legal battle to block Musk’s $44 billion acquisition of Twitter Inc in October is underway after a Delaware judge said it was won by the social media companies on Tuesday. Fixed transaction inaccuracies quickly I will be judged.
The ruling hurt Musk, who sought a trial in February to allow a full investigation into allegations that Twitter misrepresented the number of fake and spam accounts.
The question of whether Twitter’s user base has grown is at the heart of his claim that he can cancel a deal. The company, which filed a lawsuit in September, says the issue is misleading and the terms require Musk to pay.
Twitter has argued that delaying the trial until next year could jeopardize the financing of the transaction.
Delaware Premier Kathleen McCormick said Tuesday that the agency deserves a quick decision on its complaint.
“In reality, delays can cause irreparable harm to sellers,” he noted on Twitter. McCormick requested the parties schedule a five-day trial. Twitter share
Tuesday afternoon rose 3.4% to $39.71. A lawyer for Musk, who is CEO of electric car maker Tesla, did not respond to requests for comment.
“We are pleased that the court has agreed to facilitate this process,” a Twitter spokesperson said.
Twitter wants McCormick to order Musk to close the deal at the agreed price of $54.20 per share. If Musk is sentenced to a shutdown, he said a hearing date would be needed as soon as possible, followed by additional processes to resolve funding that expires in April.
Twitter lawyer William Sabbitt argued that Musk raised the issue of bots and spam accounts because he was “trying to withdraw an exit ramp for transactions without it.”
Musk’s lawyer has disputed the idea that Musk is trying to damage Twitter, noting that the billionaire owns more shares than Twitter’s directors combined.
