Elon Musk Loses Fight To Delay Twitter Trial As Judge Sets October Trial

 

Elon Musk - Twitter - Trial

Tesla founder and billionaire Elon Musk on Tuesday lost the fight to delay the Twitter trial as the judge hearing the case set an October date for trial. A judge in the eastern US state of Delaware ruled against Musk's push for a February date for the hearing.

The trial in October will decide whether Musk can be forced to complete his $44 billion deal to buy Twitter. It could be a lengthy legal fight that could end in a trial or a settlement. However, the judge did not set an exact date for the hearing.

Meanwhile, Twitter lawyer William Savitt said that "the continued uncertainty caused by Musk's purported termination inflicts harm on Twitter every day, every hour of every day." Twitter lawyers said that the deal is supposed to close toward the end of October. The San Francisco-based company wants to resolve the matter soon.

Musk’s lawyer said to the Delaware Chancery Court that Twitter's "unjustifiable request" to rush the merger case must be rejected. They argued that Twitter's preferred date for the hearing was simply too fast for such a complex matter. However, Twitter requested the Delaware court to order the Tesla chief to complete the merger at the agreed price of $54.20 per share.

Elon Musk vs Twitter

Elon Musk has backed away from the deal because the stocks of Twitter have tumbled, and the value has fallen below the $54.20 per share he offered. Earlier, Musk had made a hostile bid to take over Twitter for a $44 billion deal, which means $54.20 per share. However, he had concerns regarding bot accounts.

After pausing the deal in May, Musk's lawyers announced in July that he was "terminating" the deal because of scepticism over Twitter's spam accounts tally. He also accused Twitter of not providing correct details about fake accounts on Twitter.

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