The trial over the canceled Twitter takeover is starting earlier than Elon Musk would like. The short message service had sued the tech billionaire because he had withdrawn his purchase offer.
In the legal dispute over the Twitter takeover by tech billionaire Elon Musk, negotiations will begin in October, much earlier than the defendant had requested. The responsible judge in the US state of Delaware granted a request from Twitter at a first hearing.
Twitter lawyer William Savitt pointed out the risk of damage to the company if the process were to drag on. According to him, the start should be scheduled for September. The company wants to legally force Musk to complete the contractually agreed to purchase.
Musk’s attorneys said they need at least until February 2023 to prepare.
Twitter denies justification for a breach of contract
The Tesla founder had let the planned takeover of Twitter burst because of allegedly “false and misleading” information from the company. Twitter said the number of spam or fake accounts on the platform was too low.
Twitter described this justification as “hypocrisy”. The problem was “fictitious to complicate things and cause delays,” Savitt said. In the takeover agreement between Twitter and Musk, the topic of spam and fake accounts “is not even mentioned”.
Twitter now wants to prove in court that information about false user accounts was correct. Musk had put a price of 54.20 US dollars (currently 52.95 euros) in the room for the acquisition. Since then, the stock has lost significant value.
Could the richest person in the world lose?
Observers consider a judicial defeat of Musk and thus a forced fulfillment of the takeover agreement to be quite conceivable. It would also be possible, among other things, for the multi-billionaire to get away with paying a contractual penalty. According to the agreement, he would then have to pay up to one billion US dollars.
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