BREAKING: Delaware Judge Sides with Twitter and Fast-Tracks Trial with Elon Musk to October
Elon Musk filed a notice with the SEC where he announced that he was calling off his purchase of Twitter due to the company not providing accurate data on the number of bots the social media site has as well as other issues. Twitter sued Musk and today a Delaware Judge decided to fast-track the case and hold it in October.
A Delaware judge on Tuesday granted Twitter’s request for an expedited trial in its lawsuit against Elon Musk that’s trying to force him to go through with a $44 billion agreement to buy the social media company.
Delaware Court of Chancery Chancellor Kathaleen McCormick ordered the trial to be held over five days in October.
Twitter sued Musk last week after the SpaceX and Tesla CEO filed a notice with the Securities and Exchange Commission to call off the acquisition. Musk accused Twitter of not complying with contractual obligations to provide information on fake user accounts on the platform.
Twitter, meanwhile, accused Musk of bullying and making efforts to “trash the company, disrupt its operations, destroy stockholder value and walk away” from the deal. Twitter’s stock value sank in the hours after Musk’s filing seeking to drop the deal.
Attorneys for Twitter asked for a September court date and a speedy trial to lessen the negative impact they said has been caused by the uncertainty of the deal, CNBC reported.
Elon Musk’s beef is that Twitter never provided adequate information on the number of bots on the site. Twitter claims it’s less than 5% but this appears way understated. The problem for Twitter is this 5% has been reported to the SEC for years and the support and testing to derive at this amount is suspect.
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