Wednesday, August 10, 2022

Twitter says Elon Musk is ‘unreasonably extending’ his trial

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Twitter says Elon Musk is “unreasonably prolonging” the legal battle between the two, and the world’s richest man is doing a “side show.”

Twitter’s lawyers said it was “absolutely imperative” that the trial between the two – which would determine whether Mr Musk will buy the social media site in a $44 billion deal – began at “the earliest possible date.” … Appointment” should take place.

Twitter hopes trial will go ahead in September in Delaware Chancery Court; Mr Musk has been pushing for this to happen in February.

Mr Musk has attempted to exit the merger at an agreed price of $54.20 per share amid alleged concerns about bots on the platform.

Twitter said these claims are a “contractually irrelevant sideshow that Musk intends to use to disparage Twitter and prolong this litigation.”

Twitter’s shares have fallen by more than a third since Mr Musk announced he wanted to buy the social media site as the billionaire has repeatedly belittled it.

“Millions of Twitter shares trade daily under a cloud of Musk-created doubt. No public company of this size and scale has ever had to endure these uncertainties,” Twitter said, adding that “this very public dispute hurts Twitter every day that Musk passes.”

“Musk amplifies that damage by using the company’s proprietary platform as a megaphone to denigrate him.”

In addition to alleged doubts about bot counts, Mr Musk’s lawyers also alleged that Twitter violated the acquisition agreement when it fired two senior executives without notifying Mr Musk in advance.

However, Mr Musk has also hinted that he would be making layoffs at Twitter because the costs were too high. Staff have discussed resignations within the company should Mr Musk take over, LatestPageNews understands.

The deal will reportedly fall through if the trial starts in February and doesn’t end by April, as the debt financing package promised by the banks for Mr Musk’s takeover expires in April 2023.

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