Elon Musk requested a judge set a five-day trial on October 17 rather than October 10 as Twitter Inc. had called for in a court filing on Tuesday, to settle his attempt to renege on a $44 billion acquisition deal for the social media platform.
Follow the topic: Elon Musk Requests the Court to Reschedule Hearing.
A Delaware judge scheduled a five-day trial for October 17–21, according to a court document made available to the public on Friday, in the action brought by Twitter Inc. to enforce Elon Musk’s $44 billion purchase deal for the social media platform.
Chancellor Kathaleen McCormick of the Delaware Court of Chancery issued a direction on Thursday requiring Musk, the CEO of Tesla Inc. and the richest man in the world, to submit any counterclaims by Friday at 5 p.m. ET.
According to Musk’s legal team, he may file counterclaims, which would be his case against Twitter, and allow him to seek monetary compensation for the disputed contract.
On July 8, Musk announced his decision to terminate the arrangement, citing Twitter for violating the merger agreement by exaggerating the number of phony accounts the site had.
Days later, Twitter filed a lawsuit, claiming that Musk is required by the merger agreement to finalize the acquisition at $54.20 per share and that the false account accusations are a distraction.