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Twitter-Musk lawsuit for $ 44 billion deal



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Delaware Chancellor Chancellor Kathaleen McCormick ruled in favor of Twitter on Tuesday in a speedy trial of a lawsuit that forces the company to force Elon Musk to abide by the agreed $ 44 billion acquisition agreement, CNBC reports. .

The five-day trial will take place in October.

During the hearing, Twitter lawyer Bill Savitt of Wachtell, Lipton, Rosen & Katz said Twitter’s request for a trial in September was in line with deadlines for similar cases in the past. He added that a quick schedule of the trial is imperative to stop the damage Twitter has suffered due to uncertainty over the deal and Musk’s alleged denigration.

Savitt also argued that Musk’s attempts to delay the trial could be a “time-consuming” ploy, leaving little time for appeals before the commitments he made to fund the deal expire.

Musk’s lawyer, Andrew Rossman of Quinn Emanuel, said the accelerated deadline was far too aggressive for his team to look at the huge data on Twitter, which Musk wants to look at to check the percentage of spam accounts. on the platform.

Rossman accused Twitter of wanting to “continue to secretly wrap up” this number and did not provide the information Musk had asked the company earlier.

But Savitt said the determination of the percentage of spam accounts is not necessary in this case, because “nothing in the merger agreement refers to this question.”

In July, Musk, through his lawyers, sent a letter to Twitter’s legal director, Vijaya Gadde, explaining why the billionaire believes his acquisition should not continue.

Lawyers claim that Twitter underreported the number of spam and fraud accounts on its messaging service and failed to send information to Musk that could help better calculate those statistics.

Twitter later sued Musk and some of his associates in late July on charges that the billionaire “refuses to honor his obligations to Twitter and its shareholders because the agreement he signed no longer exists.” serves his personal interests ”.

At the time, Twitter wanted a 4-day trial to begin in September. However, Musk and his lawyers later asked the court to dismiss Twitter’s request for a speedy trial. Instead, the billionaire and his lawyers want a trial to take place next year, claiming that Twitter has initiated a request for a speedy trial after two months of procrastination and upset “, according to a court file.