Shopping Cart

Call us toll free: +1 789 2000

Free worldwide shipping on all orders over $50.00

Elon Musk seeks to block Twitter request for expedited trial – Reuters

July 15 (Reuters) – Elon Musk filed a motion on Friday opposing Twitter Inc's (TWTR.N) request to fast-track a trial over his plan to terminate his $44 billion deal for the social media firm.
Musk's lawyers, in papers filed with the Delaware Chancery Court, said Twitter's "unjustifiable request" to rush the merger case to trial in two months should be rejected.
It is the latest move in what promises to be a major legal showdown between Twitter and Musk. The San Francisco-based company is seeking to resolve months of uncertainty for its business as Musk tries to walk away from the deal for what he says is Twitter’s "spam bot" problem.
Twitter sued Musk on Tuesday for violating the deal to buy the social media platform, asking a Delaware court to order the world's richest person to complete the merger at the agreed price of $54.20 per share.
The company requested the trial begin in September because the merger agreement with Musk terminates on Oct. 25.
Elon Musk's Twitter profile is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
"Twitter's sudden request for warp speed after two months of foot-dragging and obfuscation is its latest tactic to shroud the truth about spam accounts long enough to railroad defendants into closing," Musk's filing said.
Musk's lawyers argued the dispute over false and spam accounts is fundamental to Twitter's value and extremely fact- and expert-intensive. They said it would require substantial time for discovery and requested a trial date on or after Feb. 13 next year.
The debt financing package committed by banks for Musk’s acquisition expires in April 2023. That means if the trial began in February and did not finish by April, the deal could collapse.
Twitter declined to comment on Musk's latest motion.
Shares of Twitter were down about 1% in extended trading.
Our Standards: The Thomson Reuters Trust Principles.
Voting in the Senate on a bill to boost the U.S. semiconductor industry and improve competitiveness with China could begin as early as Tuesday, Senate Majority Leader Chuck Schumer has been telling lawmakers, a source familiar with the issue said on Thursday.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source

Leave a Reply

Your email address will not be published.

Free Worldwide shipping

On all orders above $50

Easy 30 days returns

30 days money back guarantee

International Warranty

Offered in the country of usage

100% Secure Checkout

PayPal / MasterCard / Visa

×
preloader