According to a court filing, Twitter Inc. accused Elon Musk of attempting to “slow walk” the company’s lawsuit to hold him accountable for his $44 billion acquisition and urged a September trial to make sure deal financing remains in place.
“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.”
Twitter has filed a lawsuit against Musk, requesting that a Delaware judge order him to fulfill the merger at the agreed-upon price of $54.20 per share.
If Musk is ordered to close the deal, the company said it could take months of extra court proceedings to close the debt financing, which is set to expire in April.
As a result, Twitter requested that the judge reject Musk’s proposition to hold the trial in February.
Musk, the richest man in the world and the CEO of electric vehicle manufacturer Tesla Inc., said that San Francisco-based Twitter hurried the trial to hide the facts about spam accounts and “railroad” him into purchasing the business.
The Delaware Court of Chancery judge will hear the two sides’ arguments over the trial’s scheduled start date on Tuesday.
According to a Monday New York Post article, Musk’s attorneys want to countersue Twitter in order to learn more about spam accounts.
Shares of Twitter dropped from almost $50 when the acquisition was announced in April to about $33 last week. On Monday, Twitter’s shares rose 1.8 percent to settle at $38.41.
To read our blog on “Elon Musk’s personal tweets are Twitter’s most potent weapon to target him,” click here.
