Elon Musk's Fast-Tracked Bid Has Been Winned, With a Five-Day Trial to Begin in October

Elon Musk's Fast-Tracked Bid Has Been Winned, With a Five-Day Trial to Begin in October ...

After a Delaware judge said on Tuesday the social media company deserved a quick settlement of the deals uncertainty, Twitter will have a trial in October. The issue is central to Musk's claim that he may withdraw from the deal.

Twitter had argued that postponing the trial over the next year might jeopardize transaction financing.

On Tuesday, Chancellor Kathaleen McCormick of the Delaware Court of Chancery said the company required a swift settlement on its allegations.

Delay threatens irreparable harm to sellers, according to her, using Twitter.

McCormick asked the parties to work out a timeline for the trial, which she predicted would last five days.

Twitter shares rose by 3.4 percent to $39.71 (roughly Rs. 3,200) on Tuesday afternoon.

A lawyer for Musk, who is also the chief executive of Tesla, did not respond to a request for comment.

A Twitter spokesperson said that the court has agreed to expedite this trial.

Twitter wants McCormick to order Musk to complete the transaction at the agreed price of $54.20 (roughly Rs. 4,300) per share. It said it needed the most expedited trial date in the event Musk was ordered to close, and further litigation would be needed to address financing, which expires in April.

During the hearing, Twitter's lawyer William Savitt argued that Musk took a page from a bot and spam account because he was attempting to spruce up a departure ramp for a transaction that does not have one.

Musk's attorney retaliates against the notion that Musk was attempting to harm Twitter, pointing out that the billionaire had a larger share than the entire board of directors of Twitter.

Musk had argued that an expedited trial would allow Twitter to conceal the truth about spam accounts, which Musk began putting forward after signing a deal with Twitter in late April.

The answers he received when Mr. Musk began asking questions were worrying, according to Musk's attorney Andrew Rossman. It will take months to complete the Musk's inquiries about Twitter's spam accounts.

Musk is already facing a five-day trial against McCormick, which will begin on October 24. He is facing a separate five-day trial over his Tesla pay package of $56 billion (roughly Rs. 4,47,800 crore).

2022 Thomson Reuters

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