Elon Musk’s October Trial Proposal Agrees By Twitter Over $44 Billion Buyout Deal

Elon Musk's October Trial Proposal Agrees By Twitter Over $44 Billion Buyout Deal - ebuddynews

The social network company Twitter Inc says it agrees to Elon Musk’s proposal to start on October 17 a trial over his bid to walk away from his $44 billion buyout deal. However, the social media company wants a commitment to complete the trial in five days, Twitter said in a court filing on Wednesday.

Elon Musk has said that he needed time to complete a thorough investigation of what he says is Twitter’s deceit of fake accounts, which he said breached their deal terms.

Originally, He sought a February trial. However, on Tuesday, he put a proposal as ‘October 17 trial ‘after a judge ruled the proceeding was to start well within three months. Twitter says to agrees to the trial when Musk’s proposal said about the October 17 trial.

Twitter has called fake accounts a distraction. Further, it pushed for the trial to hold Musk to the deal to start as soon as possible. Twitter argued that the delay would damage its business. It said in its court filing that Musk had offered no assurance regarding the competition of trial in five days, as ordered by the judge. The Judge was Kathaleen McCormick of the Delaware Court of Chancery.

The Twitter filing said that Twitter sought that commitment because it believes Musk’s objective remains to delay the trial. It renders the Court’s expedition order impracticable, thus avoiding examining his contractual obligations.

Elon Musk’s Attorneys, the world’s richest person and chief executive of electric car maker Tesla Inc, did not respond to requests for comment.

Twitter also dismissed Elon Musk’s claims that the company was dragging its feet in responding to his demands for documents. Twitter said that Musk was holding up the process by refusing to answer the complaint of the company. It said that it would clarify the issues and any counterclaims he might assert.

Twitter shares closed up 1.3% at $39.85 on Wednesday. Elon Musk, the businessman, agreed to acquire the company for $54.20 a share.

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