Twitter Agrees To October 17 Trial, Insists On Assurance From Musk For Five-Day Proceedings: Report
Twitter pointed out that Musk is delaying the process by refusing to answer the company's complaint, which would clarify the issues and any counterclaims he may assert.
New Delhi: Twitter has agreed for a showdown with Tesla chief Elon Musk on October 17, but insisted on a commitment to complete the trial over the $44 billion acquisition deal in five days. In a court filing on Wednesday, the social media platform said Twitter does not object to a proposal by Elon Musk to start on October 17 a trial but the social media company wants a commitment to complete the trial in five days, as per news agency Reuters.
The billionaire entrepreneur had sought time for a thorough investigation claiming Twitter's misrepresentation of fake accounts, which he said breached their deal terms. Earlier, Musk had sought a February trial but proposed for an early October 17 trial on Tuesday after a judge ruled that the proceeding was to start in three months.
On its part, Twitter has termed the allegations of fake accounts a distraction and pushed the trial to ensure that Musk commits to the deal arguing that delay damages its business. In its court filing, Twitter said Musk has offered no assurance that a trial would be completed in five days, as ordered by the judge, Kathaleen McCormick of the Delaware Court of Chancery.
"Twitter sought that commitment because it believes Musk’s objective remains to delay trial, render impracticable the Court’s expedition order, and thus avoid adjudication of his contractual obligations," said the Twitter filing, as quoted by Reuters.
Twitter pointed out that Musk is delaying the process by refusing to answer the company's complaint, which would clarify the issues and any counterclaims he may assert.
Shares of Twitter were up 1.3 per cent at $39.85 on Wednesday. Musk agreed to acquire the company for $54.20 a share.
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