Elon Musk is opposed to Twitter’s request for a speedy trial over its plan to terminate his $44 billion deal for the social media company.
Twitter posts It fell about 1% in extended trades.
In Friday’s filing, Musk’s lawyers said Twitter’s “unjustified request” to speed up the merger case for trial within two months should be dismissed.
Filed in Delaware Chancery Court.
ELON MUSK TWITTER SAGA: What happened this past week and what will happen?
Twitter sued Musk on Tuesday for breaching a deal to buy the company, and asked a Delaware court to order the merger to be completed at the agreed-upon price of $54.20 per share.
The company requested that the trial begin in September because the merger agreement with Musk expires on October 25.
“Twitter’s sudden request for a turnaround speed after two months of slowdowns and blackouts is its latest tactic to hide the truth about spam accounts long enough to shut down the defendants,” Musk said.
Get the ELON MUSK deal on Twitter with more security accuracy
On July 8, Musk’s lawyers said he would abandon the deal, claiming that Twitter was “violating multiple provisions” of the agreement and “appears to have made false and misleading allegations” when it accepted. Mask takeover offer On April 25th.
The notice came as Musk and his legal team were contesting Twitter’s internal estimates that spam and fake accounts make up less than 5% of its users.
Musk’s lawyers say the controversy is fundamental to Twitter’s value and very real, requires a lot of experts and will take a long time to unravel.
ELON MUSK POSSIBLY DRAWS ON TWITTER SAGA: ‘NOT PREVIOUSLY’ FOR THIS, EXPERTS SAY
They are asking for a trial date on or after February 13th next year.
However, if the trial is pushed this far, there are fears that the deal could collapse as the debt financing package that banks committed to the acquisition expires in April 2023.
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|TWTR||Twitter you.||37.45||+1.19||+ 3.27%|
|TSLA||Tesla Corporation||720.20||+5.26||+ 0.74%|
Twitter declined to comment on Musk’s latest move.
Reuters contributed to this report.
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