On Friday, Tesla CEO filed a motion opposing Twitter Inc.’s attempt to expedite a trial about his intention to renegotiate his $44 billion agreement for the social media company.
It is the most recent action in what looks to be a significant legal battle between Musk and Twitter. The San Francisco-based business is attempting to end months of uncertainty for its operations as Musk attempts to back out of the agreement due to what he claims is Twitter’s “spam bot” issue.
On Tuesday, Twitter filed a lawsuit against Musk for breaking the terms of the agreement to buy the social media platform, seeking a Delaware court to compel the richest man in the world to complete the merger at the agreed-upon price of $54.20 per share.
Because the merger deal with Musk expires on October 25th, the business requested that the trial start in September.
According to Musk’s lawsuit, Twitter’s sudden need for warp speed after two months of inaction and obfuscation is the company’s newest strategy for concealing the reality about spam accounts long enough to pressure defendants into closure.
The argument over fake and spam accounts, according to Musk’s attorneys, is crucial to Twitter’s value and requires a great deal of evidence and expertise. They requested a trial date on or after February 13 of the following year, claiming that discovery would take a significant amount of time.
The banks’ commitment to provide loan financing for Musk’s acquisition expires in April 2023. Therefore, the agreement might fall through if the trial started in February and did not end by April.