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Elon Musk opposes Twitter request for ‘warp speed’ trial over collapsed $44bn deal

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Tesla boss Elon Musk has filed a motion to stop Twitter’s request to expedite a trial over his plan to terminate a $44bn takeover take care of the social media giant.

His lawyers filed papers with the Delaware Chancery Court, arguing Twitter’s request to rush the merger case to trial in two months was “unjustifiable” and asked it to be rejected.

“Twitter’s sudden request for warp speed after two months of foot-dragging and obfuscation is its latest tactic to shroud the reality about spam accounts long enough to railroad defendants into closing,” his lawyers said in a court filing.

The San Franciso-based social media company had asked the court to fast-track the proceedings attributable to the uncertainty looming over its business through the recent economic downturn. Mr Musk desires to walk away from the billion-dollar deal after alleging Twitter has a “spam bot” problem.

Twitter sued the world’s richest person on Tuesday for violating the deal, asking the court to order Mr Musk to finish the merger on the agreed price of $54.20 per share.

Within the legal criticism filed by Twitter, the corporate tore into Mr Musk, writing that the billionaire “apparently believes that he – unlike every other party subject to Delaware contract law – is free to vary his mind, trash the corporate, disrupt its operations, destroy stockholder value, and walk away”.

The corporate requested the trial begin by mid-September to guard Twitter and its stockholders “from the continuing market risk and operational harm resulting from Mr Musk’s try to bully his way out of an airtight merger agreement,” The Wall Street Journal reported.

The merger agreement with Mr Musk terminates on 25 October.

Mr Musk’s lawyers have requested a trial date on or after 13 February next yr, accusing the corporate of withholding information over false and spam accounts which the Tesla chief claims is prime to Twitter’s value.

The lawyers argued it will take months to acquire information and to depose quite a few witnesses with reference to fake accounts.

The filing repeated several other accusations levelled earlier against the corporate, including the claim that Twitter violated the acquisition agreement when it fired two high-level managers without informing Mr Musk first.

In response to reports, if the trial begins in February and doesn’t end by April, the deal will collapse on condition that the debt financing package committed by banks for Mr Musk’s acquisition expires in April 2023.

Since Mr Musk’s acquisition deal took shape, Twitter’s stock has fallen by greater than a 3rd from his offered purchase price.

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