Blog Business Entertainment Environment Health Latest News News Analysis Opinion Science Sports Technology World
Elon Musk's Twitter Trial Date Expedited

On Tuesday, the Delaware Court ruled in Twitter's favor to move up the trial date to force Musk's acquisition of the company. 


The five-day trial will now occur in October. Musk had requested the prosecution to take place next year due to the case's complexity. 


Twitter is trying to force Musk to comply with his April promise of buying the social media company for $44 billion. The company wants the trial to happen quickly because it believes the dispute will hurt Twitter's revenue.


In April, the billionaire agreed to privatize Twitter and buy the company to promote free speech and increase public trust. But earlier this month, Musk's sent a letter to Twitter's bored, complaining that the company failed to provide adequate information on the number of "fake or spam" accounts on the platform. 


In response, the board chair of Twitter, Bret Taylor, tweeted that the board is committed to closing the transaction at the previously agreed price and would pursue legal action if necessary. 


Days later, Twitter filed a lawsuit seeking to hold Musk to his deal of paying $54.20 per share for the company ($44 billion in total). The social media company said Musk "refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests." 


Though Musk insists that his reason for backing out lies in Twitter's dishonesty about spam accounts, the company thinks otherwise. When Musk announced plans to buy Twitter in April, its stock was trading over 38% more than when the billionaire removed himself from the deal. 


Twitter's lawyer, William Savit, argued that Musk's reason for abandoning the agreement was just a cover for buyer's remorse after the stock market tumbled. When Twitter's stock price fell, Musk's electric-car company, Tesla, also lost more than $100 billion of its value. 


Savit said Musk's critiques of the company's dishonesty were harming its business, proposing that the billionaire was purposefully damaging the company and "banking on wriggling out of the deal he signed." 


But Musk's attorney, Andrew Rossman, asserted that Musk has no interest in hurting the company. Though he argued for a later trial, the court sided with Savit and Twitter by scheduling the proceeding in October.

Share This Post On

Tags: Tesla Elon Musk Twitter Social Media


Leave a comment

You need to login to leave a comment. Log-in is a Global Media House Initiative by Socialnetic Infotainment Private Limited.

TheSocialTalks was founded in 2020 as an alternative to mainstream media which is fraught with misinformation, disinformation and propaganda. We have a strong dedication to publishing authentic news that abides by the principles and ethics of journalism. We are an organisation driven by a passion for truth and justice in society.

Our team of journalists and editors from all over the world work relentlessly to deliver real stories affecting our society. To keep our operations running, We need sponsors and subscribers to our news portal. Kindly sponsor or subscribe to make it possible for us to give free access to our portal and it will help writers and our cause. It will go a long way in running our operations and publishing real news and stories about issues affecting us.

Your contributions help us to expand our organisation, making our news accessible to more everyone and deepening our impact on the media.

Support fearless and fair journalism today.