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Tuesday, November 29, 2022

Twitter accepts Oct. 17 trial, but fears Musk will try to delay

Twitter Inc. has no objection to starting a test of Musk’s attempt to drop Elon Musk’s $44 billion takeover deal on Oct. 17, but the social media company wants to commit to completing the trial within five days, according to Twitter. said in a court filing Wednesday.

Musk said he needed time to complete a thorough investigation into Twitter’s fake account’s misrepresentation, which he said violated the terms of the deal.

He initially sought a trial in February, but proposed a trial on Oct. 17 on Tuesday after a judge ruled that proceedings should begin within three months.

Twitter called the fake accounts a distraction and urged Musk to sue him for rolling out the deal as soon as possible, arguing that the delay would hurt his business. It said in court filings that Musk did not guarantee that the trial would be completed within five days, as ordered by Delaware Chancery Court Judge Kathryn McCormick.

“Twitter sought this commitment because it believed that Musk intended to delay the trial and make the court’s campaign order impractical to avoid a decision on its contractual obligations,” Twitter said in the filing.

Lawyers for Elon Musk, the world’s richest man and chief executive of electric car maker Tesla Inc, did not respond to a request for comment.

Twitter also dismissed Musk’s claims that the company was dragging its feet in responding to his request for documents.

Twitter said Musk stopped the process by refusing to respond to the company’s complaint, which he said would clarify the issue and any countermeasures he might claim.

Shares of Twitter closed up 1.3 percent at $39.85 on Wednesday.

Musk agreed to buy the company for $54.20 per share.

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