Twitter has requested that a court hearing be held to speed up its case against Elon Musk (billionaire Tesla CEO)
The social media giant is seeking to hold Musk, the world’s richest person, to his $44 billion deal with them.
The lawsuit was filed by the plaintiffs after they claimed that the buyer of the social media platform had wrongfully cancelled it.
Twitter claims they have only four days to show that the man should be made to honour his agreement.
While the company expects to open the nonjury trial by September 19, experts believe that it will likely take at least two weeks.
Twitter seeks to have Musk ordered by a judge to purchase Twitter at $54.20 per Share, just as he has agreed in the merger deal of April 25.
Kathaleen McCormick (district judge) is Delaware’s Chancellor. The hearing will last 90 minutes and begin at 11 AM Wilmington.
Alex Spiro, one of Musk’s lawyers in the case, didn’t immediately respond to DailyMail.com’s request for comment.
Tesla CEO Jeff Bezos backed out from $44billion purchase, and the social media titan launched a lawsuit against him in order to make his offer honorable
Judge Kathaleen McCormick, the first female chancellor in the Delaware Chancery Court’s 229-year history, has scheduled a hearing for Tuesday next week at 11am to hear arguments in Delaware for a fast-tracked trial
Musk announced last week that he would end the deal due to concerns over bots and fake accounts.
He responded to the lawsuit with a tweet explaining that his use of the colorful emoji was shorthand for ‘BS’, a common abbreviation for ‘bulls**t.’
Twitter’s legal complaint includes the tweet from the billionaire containing the poop emoji.
Musk’s May 16th tweet was one of many evidences in the suit filed on Tuesday. This is before Musk backed out from the merger deal completely.
Musk tweeted the smiling poop emoticon in response the Parag Agrawal tweeting about Twitter’s anti-spam and fake accounts policies. Agrawal had previously sent several tweets outlining the company’s methods to fight spam and fake accounts. Agrawal described the situation as “dynamic.”
In another tweet on May 17, Musk appeared to encourage the SEC to investigate the accuracy of Twitter’s public disclosures.
The evidence of his posts online is being used to show that he pursued the takeover in bad faith.
Twitter’s main argument, however, is that Twitter claims the agreement to purchase the company signed by the World’s Richest Man on April 25, is binding.
According to the lawsuit, there is no contingency that Musk must secure financing.
The billionaire also waived his customary right of due diligence. This refers to the kind of business fundamentals investigation he pursued later regarding false accounts.
The stock of Twitter rose nearly 8 percent to $36.75 on Wednesday. This is a signal that investors see the lawsuit against them as likely to succeed.
Dan Ives from Wedbush wrote in a DailyMail.com obtained note that he concluded in a conclusion that’many investors have spent last night reading this case and ultimately concluded the Game of Thrones battle at court will result some version of a Twitter winner’
He wrote: ‘This will be a fierce battle in court with the fake account/bot issue front and center, but ultimately Twitter’s Board is holding Musk’s feet to the fire to finish the deal at the agreed upon price.’
Parag Agrawal (Twitter CEO) sent many tweets outlining how Twitter fights spam and fake accounts online in an ongoing battle with Musk
Twitter has sued. It includes a screenshot showing the billionaire responding with the “poop” emoji to the CEO, claiming it is evidence that he discredits the company for violating the buyout agreement
Musk responded to the lawsuit with a tweet explaining that his use of the colorful emoji was shorthand for ‘BS’
Musk is accused of ignoring his obligation to Twitter shareholders and Twitter users because the contract he signed doesn’t serve his personal interest.
Twitter lawyers claimed that Musk demanded information about fake accounts quickly and they assumed he wanted to create a rival.
The statement states that Twitter was steadfast in its resolve to complete the merger. However, Twitter tried to get Musk’s team the information it wanted while protecting its customers’ data. Twitter also has very real concerns about Musk’s use of the data if the deal is not completed.
‘Twitter has bent over backwards to provide Musk the information he has requested, including, most notably, the full ‘firehose’ data set that he has been mining for weeks — and has been continuing to mine since purporting to terminate — with the assistance of undisclosed data reviewers,’
Musk demanded that the lawyers for Twitter argue that the company would not stop complying with Musk’s demand.
Musk allegedly continues to extract confidential information from Twitter, despite his promise not to renege on the deal.