The company expects the case to start in September, while the tycoon aims for mid-February 2023
Twitter is still determined that the trial that, soon, will face her Elon Musk start as soon as possible. In a presentation made before the court of the Delaware Chancery, in charge of the case, the social network accused the businessman, who promised to pay 41,000 million of dollars for the platform and then (attempt) to get out of the deal, of «slow down» premeditatedly starting the trial while doubts about the future of the company harm workers and investors.
Twitter he wants the trial – which is expected to be complicated for both parties – to start in the middle of next September. In the meantime, Musk hopes to push the start to at least February of next year. The objective of the businessman would be to collect more data and delve into the number of fake accounts and ‘spam’ bots that operate on the social network; precisely the reason he gave a little over a week ago to break the purchase agreement.
“That the trial date be as soon as possible is imperative. This very public dispute hurts Twitter with every day that Musk is reneging on (the deal). Musk amplifies this damage by using the company’s own platform as a megaphone to disparage it.”
The company also notes that Musk’s words are jeopardizing its proper functioning and, as on so many other occasions, the objective is set on the damage for investors in the social network: «Millions of Twitter shares trade daily under a cloud of doubt created by Musk. No public company of this size and scale has had to endure these uncertainties.”
Twitter hopes that, when the time comes, the Delaware court will agree with the company and force the tycoon to buy the social network in exchange for the price agreed last April: $54.20 per share. Right now, the stock price is slightly above $38.
Musk, for his part, hopes that the social network’s alleged lack of transparency about the number of fake accounts operating within it will be enough to get him out of the deal and, moreover, without the need to pay any penalties.
According to ‘The New York Post’, Musk and his legal team are working to file a countersuit against twitter. The entrepreneur’s plan would be to collect more information about the spam accounts. The social network, for its part, points out that the real reason why the tycoon wants to break the agreement is the worsening of the economic situation. According to information shared by ‘The Wall Street Journal’, Musk would have lost 100,000 million dollars since last November.
Source: abc.es
