“Millions of Twitter shares are traded on the market every day under a cloud of doubt created by Elon Musk. Never has a company of this size and scale been subject to these uncertainties,” said the lawyers for the social network firm.
The last friday, Musk asked the commercial court to act without haste in the legal battle opened by Twitter to force him to buy the company for the 44,000 million dollars they agreed.
Through his lawyers, the billionaire formally responded to a Twitter request for an “expedited” process to be resolved in a trial in September, arguing that there is no reason to “rush”.
Musk’s legal team insisted that the “dispute over fake and ‘spam’ accounts is fundamental to the value of Twitter,” argued that “substantial time” is needed for an investigation” and that it is “unnecessary” to carry a ” dizzying schedule”. In that sense, The billionaire demands a trial not before February 13, 2023 and points out that the financing he has for the operation is valid until April of that year.
The judge handling the case, Kathaleen McCormick, scheduled a hearing for next Tuesday in Wilmington, according to local media reports.
The founder of Tesla notified the US stock market regulator a week ago of his intention to cancel the purchase of Twitter that both parties agreed to in April, arguing that the platform deceived him and did not give him the data he requested. He was referring, above all, to data on the number of false accounts or “spam” (“bots”) present on the platform, which the company puts at around 5% but which he considers an underestimate.
But Twitter complied last Tuesday with its threat of a legal battle and denounced the businessman in the Delaware Court of Chancery, which has commercial disputes, to try to get a judge to order him to continue with the operation.
In its complaint, the company accused Musk of disqualifying it, altering its operations, reducing value for its shareholders and other “contract loopholes” that have tarnished its business.
Twitter’s board of directors accepted Musk’s takeover offer for $44 billion at the end of April, $54.20 per share, which was a significant premium over the then and current stock price.
Source: Ambito
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