The first hearing in Twitter’s lawsuit against Musk was held in Chancery Court in the State of Delaware.
At the hearing, Twitter claimed that it could suffer from uncertainty about its future as a publicly traded company and demanded that the case begin in September, while Musk’s lawyers requested that this date be postponed to February or later.
Judge Kathaleen St. Jude McCormick stated that the case should be resolved as soon as possible and decided to start hearing in October.
IT WAS REPORTED ON JULY 8 THAT MUSK TERMINATED THE AGREEMENT
Twitter sued Elon Musk last week for terminating the $44 billion acquisition deal.
It was reported on July 8 that Musk terminated the deal to buy the social media company Twitter, citing violations of multiple provisions.
Musk’s lawyers stated in a statement to the US Securities and Exchange Commission (SEC) that Twitter did not respond or refused to respond to multiple requests for information about fake or spam accounts on the platform, which is important to the company’s business performance.
In the letter sent by Twitter’s lawyer William Savitt to Musk’s lawyer Mike Ringler, it was stated that Musk’s termination of the agreement was “invalid and unfair”, meaning that the obligations under the agreement were rejected.
After Musk terminated the $44 billion acquisition deal, Twitter’s share value fell below the $54.2 per share offer made in April. (AA)