The trial between Twitter and Elon Musk about the billionaire’s attempts to cancel the $44 billion acquisition will begin on October 17 and go until October 21, according to Engadget (via The Verge ). Attending the Delaware Court of Chancery will be Twitter and Musk.
Both Twitter and Elon Musk’s story have experienced significant backlash. Musk finally declared that he was prepared to purchase the enormous social network and even provided specifics on how he intended to finance the transaction after much back and forth. But afterwards, he backed out of the agreement because of Twitter’s purported bots and false accounts. Overall, the agreement between Twitter and Elon Musk was not finalized, and they must now appear in court together.
The day of the testing was first suggested by Musk’s team on October 17, and Twitter approved of that. The case will be looked into by Judge Kathaleen McCormick of the Delaware Court of Chancery. Additionally, on September 13th, Twitter’s present shareholders will assemble to vote on the transaction.
Advertisement Of course, neither side initially requested the October trial. Musk’s attorneys wanted the trial to take place in February 2023, while Twitter’s lawyers wanted it to take place in September. On October 17, however, a deal was reached by both parties.
A trial against Elon Musk over his decision to back out of the $44 billion deal is being launched by Twitter. The decision to sell Twitter to Elon Musk was first met with strong criticism within the firm. Even some stockholders have filed legal actions against Musk. But in the end, they all decided to sell Twitter to the world’s richest person. When everything was prepared for completion, Musk declared that he would postpone doing so because of the high volume of bots and phony accounts on Twitter.
Due to Musk’s conflicting statements and behavior, Twitter’s Q2 2022 financial results and revenue were negatively impacted. Everything ultimately depends on the efforts of the attorneys and the court’s decision.
Advertisement If Twitter is successful in having the trial dismissed in its favor, it will be able to compel Elon Musk to finish the $44 billion deal and potentially seek damages for breach of contract. The court’s ultimate decision might not be available for several months.