Trial Date Set for Twitter-Elon Musk $44 Billion Deal After Billionaire Loses Battle to Delay

• Elon Musk has lost his bid to delay Twitter's case against him over his failure to go through with the $44 billion deal
• Twitter's lawyer, Bill Savit said Musk's request to delay the trial is an effort to make the company run out of time
• Musk lawyers argued that the time set for the commencement of the trial was not enough for Musk's team to go through the number of spam accounts on Twitter

After Elon Musk tried unsuccessfully to delay the trial for his failed $44 billion Twitter acquisition deal, a Delaware Court of Chancery, Chancellor Kathaleen McCormick ruled in favour of Twitter on Tuesday, July 19, 2022, for a speedy trial to force Musk to go through with the deal.

CNBC report said that the five-day trial will commence in October 2022.

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Musk intends to run out the clock

At the hearing, Twitter’s lawyer, Bill Savit, argued that the social media company’s request for a September trial was in accordance with the timelines for similar cases in the past.

Savit said that a speedy trial schedule is important to halt the ongoing harm that the company is going through over the uncertainty of the deal caused by Musk.

Business Insider reports that the lawyer said the attempts by Musk and his space company, SpaceX to halt the trial may be a design to run out the clock by leaving little time for the appeals before the debt commitments he made to fund the deal.

The billionaire’s lawyer, Andrew Rossman, said that the speedy timeline was too aggressive for his team to go through the review of enormous data at Twitter which the Tesla CEO wants to review to verify the number of spam accounts on the platform.

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Twitter's report shrouded in secrecy

Rossman said that the microblogging site wants to continue its secrecy and that the number given by the company failed to provide sufficient information to Musk.

But Twitter’s legal representative, Savit stated that knowing the number of spam accounts is not needed in this case there is nothing in the agreement that supports it.

In early July, Musk, through his lawyers, sent a letter to Twitter’s chief legal officer, Vijaya Gadde, telling the company why the world’s richest man is terminating the deal.

According to the lawyers, the firm's unreported percentage of spam and fraud accounts on its platforms did not meet Musk’s expectation and that the underreported numbers was not enough to help Musk to calculate the statistics better.

Twitter took Musk to court over allegations that Musk refuses to honour his part of the deal to the company’s shareholders because the deal he signed no longer serves his personal purposes.

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Anxious employees, wary advertisers and hamstrung management: Twitter is limping along as it waits to learn how the fight over Elon Musk's buyout bid will end.

Twitter Pockets $1 billion after Elon Musk says he is not going ahead with deal

Recall that Legit.ng reported that a few hours after Legit.ng reported that Elon Musk’s Twitter deal is in serious jeopardy and that the billionaire may pull out, Musk informed the Securities and Exchange Commission that he is terminating the $44 billion deal.

Musk informed the platform on Friday, July 8, 2022, that he is terminating the deal, Forbes’ report said, citing an SEC filing. But the Twitter’s board Chairman said it is considering legal action in order to force the deal through.

Company to enforce deal through legal action.

Source: Legit.ng