International

Twitter-Musk Takeover Dispute Gets October Trial Date

Published

2 years ago

Jul 20, 2022.

Yinka Akanbi

Musk walked away from his $44bn (£36bn) bid to buy Twitter earlier in July, prompting the company to sue him
Twitter hopes that the court will order Musk to complete the takeover at the agreed price of $54.20 per share

EDITOR’S PICK

EKO HOT BLOG reports that a US judge has ordered that Twitter’s lawsuit against Elon Musk go to trial in October, a blow to the world’s richest man who had asked for a delay.

Musk walked away from his $44bn (£36bn) bid to buy Twitter earlier in July, prompting the company to sue him.

Twitter hopes that the court will order Musk to complete the takeover at the agreed price of $54.20 per share.

The tech billionaire has accused Twitter of withholding information about fake accounts.

His legal team has called for the trial to be held early next year due to its complexities, but Twitter asked for a September date.

On Tuesday, a judge in the state of Delaware agreed with the company and said a delay to the trial would cast a “cloud of uncertainty”.

“Delay threatens irreparable harm,” Chancellor Kathaleen St Jude McCormick said. “The longer the delay, the greater the risk.”

The lawsuit accused Musk of a “long list” of violations ahead of the potential merger and argued that he had “cast a pall” over the company.

FURTHER READING

At the hearing on Tuesday, Twitter’s lead counsel William Savitt said the ongoing uncertainty about whether the takeover would go forward or not “inflicts harm on Twitter everyday”.

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