Twitter’s bid to keep Elon Musk in its $44 billion deal for the social media platform will head for a five-day trial starting Oct. 17, a Delaware judge has ruled; he has until the end of business Friday to file a counterclaim.
Musk, the world’s richest person and chief executive of Tesla Inc, has until 5 p.m. Friday to file any counterclaims, according to the order signed Thursday evening by Chancellor Kathleen McCormick of the Delaware Court of Chancery.
Musk’s attorneys have said he may file — essentially his own lawsuit against Twitter — in which he may seek damages for the disputed deal.
The Tesla CEO and SpaceX chief said he was pulling out of the deal on July 8, accusing Twitter Inc of breaching the merger agreement by misrepresenting the number of fake accounts on its platform.
He even tweeted a meme of himself laughing hysterically earlier in July in reaction to the court ordering Twitter to release its “bot info”.
Elon Musk, who pulled out of a $44 billion deal to buy Twitter earlier in July, will have a five-day standoff against the social media giant in court starting October 17. He has until the end of today to file counterclaims regarding the collapse. of the takeover attempt
Twitter sued days after Musk pulled out of the deal, as the company said the billionaire was contractually obligated to complete the merger at $54.20 per share. Pictured: Parag Agrawal, CEO of Twitter
Twitter sued days later after Musk announced he was pulling out of the deal, calling the fake account a distraction and claiming the billionaire was bound by the merger contract to close the $54.20 deal. per share.
Shares of the company rose 1.4% in Friday morning trade to $41.45.
McCormick fast-tracked the case to trial last week, saying she wanted to limit potential harm to Twitter from the uncertainty of the deal.
Musk originally requested a trial in February to have the time he needed for a thorough investigation into Twitter spambots.
Musk celebrated the news that Twitter had been ordered to disclose the number of bots on its platform by a Delaware court after saying that one of the reasons he backed out of buying Twitter was that the company had failed to comply with its data requests.
Shares of Twitter rose 1.4% in Friday morning trading to $41.45 after a trial date was announced for its failed acquisition by Musk on Thursday night.
Twitter, on the other hand, accused the court of battling for falling revenue and chaos within the company.
The two sides had essentially agreed to a trial on Oct. 17, but disagreed over the limits of discovery or access to internal documents and other evidence.
Musk accused Twitter this week of dragging its feet in response to his discovery requests, and Twitter accused him of seeking massive amounts of data unrelated to the main issue of the case: Musk had breached the sales contract. .
The Chief Justice in his order seemed to anticipate the discovery disputes to come.
“This order does not resolve any specific discovery disputes, including ownership of any large dataset requests,” McCormick said.
A letter on behalf of Musk’s lawyer earlier this month asked the judge to order Twitter to immediately produce what he called “basic documents”, to demand that Twitter produce all raw data from by August 1 and to require the company to produce documents within 18 days of a request.
Musk also faces a week-long trial in Wilmington, Delaware, starting Oct. 24.
A Tesla shareholder is seeking to undo as corporate waste and unfairly enrich the electric vehicle maker’s CEO’s record $56 billion pay package.
Musk has denied any claims that he had an affair with Nicole Shanahan (left), wife of Sergey Brin (right), before their pending divorce.
Meanwhile, on Sunday, the Wall Street Journal claimed that Musk had slept with Sergey Brin’s wife, Nicole Shanahan, 33, which allegedly served as the catalyst for their divorce.
The Tesla CEO tweeted on Wednesday that as a “public person” he himself couldn’t win a libel suit against a news agency, but that Shanahan should sue.
“As a ‘public person,’ winning a libel suit against a news agency is next to impossible,” he wrote. “They could say that I am Satan and that the “source” is their medium! Nicole is not a public person, so she could win. I hope she will continue them.
Musk tweeted on Wednesday that Shanigan should sue the Wall Street Journal because she “is not a public person,” and before later sharing in another tweet, “the media is a click-seeking machine disguised as a click-baiting machine. seek the truth”.
Hours later, Musk wrote that “the media is a click-seeking machine disguised as a truth-seeking machine” and said he had spoken to Sergey, who confirmed he had not spoken to the WSJ.
Shanahan’s lawyer came out this week and denied that his client had an affair with Elon Musk.
“Make no mistake, any suggestion that Nicole had an affair with Elon Musk is not only an outright lie, but also defamatory,” attorney Bryan Freedman told DailyMail.com in an exclusive statement.
Divorce negotiations between Shanahan and Brin are ongoing.
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