Billionaire’s legal team wants extra time to put together case about fake accounts on the social media giant
Posted BY: Daily Mail
Elon Musk is filing his own countersuit against Twitter to try and get out of his $44billion deal to buy the social media behemoth.
Musk’s legal team wants the Delaware Court of Chancery grant them extra time and ability to put together a case regarding fake accounts and ‘bots’ on Twitter, according to the New York Post.
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This comes after Twitter on Monday accused Musk of trying to ‘slow walk’ the company’s lawsuit to hold him to his takeover and urged a September trial to ensure deal financing remains in place, according to a court filing.
‘Millions of Twitter shares trade daily under a cloud of Musk-created doubt,’ the company wrote. ‘No public company of this size and scale has ever had to bear these uncertainties.’
It’s suggested that the longer this stays in the courts, the more it could hurt Twitter stock prices and the easier it would make it for Musk to get a friendlier buyout price.
Twitter has sued Musk and asked a Delaware judge to order him to complete the merger at the agreed price of $54.20 per share.
The company said if Musk is ordered to close the deal it could still take months of additional litigation to close the debt financing, which expires in April. For that reason, Twitter asked the judge to reject Musk’s proposal to hold the trial in February.
Musk, who is the world’s richest person and chief executive of electric carmaker Telsa Inc, accused San Francisco-based Twitter of rushing the trial to obscure the truth about spam accounts and to “railroad” him into buying the company.
The first hearing in Twitter’s original lawsuit will take place Tuesday in front of Delaware Court of Chancery Chancellor Kathaleen McCormick.
