Elon Musk wants Twitter Court Battle to begin 2023

Elon Musk files countersuit against Twitter over $44bn deal

The dispute between Tesla CEO Elon Musk and Twitter is taking many twists and turns.

 

Tesla chief asked a Delaware court Friday to reject a bid by Twitter to put their $44 billion merger lawsuit on trial in September, instead asking to push it back until 2023.

 

In a court document cited by US media, Musk’s lawyers accuse Twitter’s board of directors of wanting to expedite the case.

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Twitter on Tuesday sued Musk for breaching the contract he signed to buy the tech firm, calling his exit strategy “a model of hypocrisy.”

 

The suit filed in the US state of Delaware urges the court to order the billionaire to complete his deal to buy Twitter, arguing that no financial penalty could repair the damage he has caused.

 

The social media giant wants to hold the trial in September so as not to prolong the period of uncertainty currently threatening the company.

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But Musk asked that the trial not start before February 13, citing the complexities involved.

 

Musk’s lawyers did not immediately respond to a request by AFP for comment.

 

The billionaire had agreed to buy Twitter at the end of April.

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But after weeks of threats, Musk last week tried to pull the plug on the deal, accusing Twitter of “misleading” statements about the number of fake accounts.

 

That set the stage for a potentially lengthy court battle with Twitter, which has defended its fake account oversight and vowed to force Musk to complete the deal, which contained a $1 billion breakup fee.

 

The social network says the number of fake accounts is less than five percent, a figure challenged by Musk, who says he believes the percentage is much higher.

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His lawyers say proving that will require analyzing mountains of data.

 

A preliminary hearing is scheduled for Tuesday in a business law court in Delaware.

 

Twitter demanded Monday that Elon Musk complete a proposed $44 billion takeover of the social media company, slamming the Tesla chief’s withdrawal of his offer as “invalid and wrongful.”

 

“Twitter has breached none of its obligations under the Agreement,” attorneys for Twitter said in a letter to Musk’s lawyers that was included in a securities filing late Monday.

 

“Twitter demands that Mr. Musk and the other Musk Parties comply with their obligations under the Agreement, including their obligations to use their respective reasonable best efforts to consummate and make effective the transactions contemplated by the Agreement.”

 

Elon Musk Texted Twitter

As per new reports, Elon Musk recently, but before pulling out of the deal, sent a text to Twitter CEO Parag Agrawal on June 28, informing him that the company’s lawyers were trying to “cause trouble” after they sought information on the financial details that Musk was planning to complete the acquisition of Twitter.

 

“Your lawyers are using these conversations to cause trouble. That needs to stop,” Musk’s text reportedly read. Musk sent the particular message after Twitter asked Musk how he would finance the Twitter deal.

 

As per The Verge, the lawsuit was filed in Delaware’s Court of Chancery on Tuesday, accusing Musk of hypocrisy.”Twitter brings this action to enjoin Musk from further breaches to compel Musk to fulfil his legal obligations and to compel consummation of the merger upon satisfaction of the few outstanding conditions,” Twitter wrote in the lawsuit.

 

The lawsuit marks the beginning of what could be a protracted legal battle as Twitter seeks to hold Musk to his deal to pay USD 54.20 per share for the company. Twitter, which is being repped by M&A powerhouse law firm Wachtell, Lipton, Rosen & Katz, alleged that Musk looked for an escape from the deal, which required a “material adverse effect” or breach of contract.”

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