August 15, 2022
Twitter agrees to test Elon Musk on October 17th, seeks commitment to complete testing in 5 days

Twitter doesn’t object to Elon Musk’s offer to start a trial on October 17 on Musk’s bid to walk away from the $44 billion (about Rs 3,37,465 crore) acquisition deal, but the social media company is on trial. commitment to fulfill. In five days, Twitter said in a court filing on Wednesday.

Musk has said he needs time to complete a thorough investigation into the misrepresentation of Twitter’s fake accounts, which he said violated the terms of the deal.

He originally sought a February trial, but proposed an October 17 trial on Tuesday after a judge ruled to begin proceedings in three months.

Twitter has called the fake accounts a distraction and pushed for Musk to prosecute him for rolling out the deal as soon as possible, arguing that the delay hurts his business. It said in its court filing that Musk has given no assurance that the trial will be completed in five days, as ordered by Delaware Court of Chancery Judge Kathleen McCormick.

Twitter said in the filing, “Twitter sought that commitment because it believes Musk intended to delay the trial, make the Court’s campaign order impractical and thus avoid the decision of his contractual obligations.” “

Lawyers for Musk, the world’s richest man and chief executive of electric car maker Tesla, did not respond to requests for comment.

Twitter also dismissed Musk’s claims that the company was dragging its feet in response to his demands for documents. Twitter said Musk is halting the process by refusing to respond to the company’s complaint, which he said would clarify the issues and any countermeasures he may claim.

On Wednesday, Twitter’s shares closed up 1.3 percent at $ 39.85 (about Rs 3,100). Musk agreed to acquire the company for $54.20 (approximately Rs 4,300) per share.

© Thomson Reuters 2022


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