{"id":44065,"date":"2022-07-19T20:36:04","date_gmt":"2022-07-19T20:36:04","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/07\/19\/twitter-musk-takeover-dispute-heading-for-october-trial\/"},"modified":"2022-07-19T20:36:04","modified_gmt":"2022-07-19T20:36:04","slug":"twitter-musk-takeover-dispute-heading-for-october-trial","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/07\/19\/twitter-musk-takeover-dispute-heading-for-october-trial\/","title":{"rendered":"Twitter-Musk takeover dispute heading for October trial"},"content":{"rendered":"
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A US judge has ordered Twitter’s lawsuit against Elon Musk to go to trial in October, a blow to the world’s richest man who had asked for a stay.<\/b><\/p>\n<\/div>\n

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Mr Musk dropped his $44 billion bid to buy Twitter in early July, prompting the company to sue him.<\/p>\n<\/div>\n

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Twitter hopes the court will order Mr Musk to complete the acquisition at the agreed price of $54.20 per share.<\/p>\n<\/div>\n

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The tech billionaire has accused Twitter of withholding information about fake accounts. <\/p>\n<\/div>\n

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His legal team has called for the trial to be held early next year because of its complexity, but Twitter asked for a September date.<\/p>\n<\/div>\n

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On Tuesday, a Delaware state judge agreed with the company, saying delaying the trial would raise a “cloud of uncertainty.”<\/p>\n<\/div>\n

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“Delay risks irreparable damage,” said Chancellor Kathaleen St. Jude McCormick. “The longer the delay, the greater the risk.”<\/p>\n<\/div>\n

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    \n
  • Who is Elon Musk?<\/li>\n
  • Why did Musk get cold feet on Twitter? <\/li>\n<\/ul>\n<\/div>\n<\/div>\n
    \n

    The lawsuit accused Mr Musk of a “long list” of violations prior to the potential merger and argued that he had “defamed” the company. <\/p>\n<\/div>\n

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    At Tuesday’s hearing, Twitter’s lead attorney, William Savitt, said the ongoing uncertainty over whether or not the acquisition would go ahead “damages Twitter every day.” <\/p>\n<\/div>\n

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    “Musk was and is contractually obligated to use his best efforts to complete the deal,” Mr. Savitt said. “What he’s doing is exactly the opposite. It’s sabotage.”<\/p>\n<\/div>\n

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    An attorney for Mr Musk, Andrew Rossman, argued that he remains one of Twitter’s most significant shareholders. He said the case should go to trial next year on a “reasonable” timeline that would give both sides time to prepare. <\/p>\n<\/div>\n

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    Since Mr. Musk began questioning the number of fake and spam accounts on the Twitter platform in May, the company has seen its share prices plummet from highs of $50 per share. <\/p>\n<\/div>\n

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    The company’s shares are currently around $39.45 — well below the $54.20 per share at which it hopes to complete the merger. <\/p>\n<\/div>\n

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    A self-proclaimed “free speech absolutist,” Mr. Musk has promised to ease restrictions on content once he owns the company. <\/p>\n<\/div>\n

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    He also urged the company to be more open about how it presents tweets to users and how tweets are promoted to a larger audience. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    A US judge has ordered Twitter’s lawsuit against Elon Musk to go to trial in October, a blow to the world’s richest man who had asked for a stay. Mr Musk dropped his $44 billion bid to buy Twitter in early July, prompting the company to sue him. Twitter hopes the court will order Mr […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-44065","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nTwitter-Musk takeover dispute heading for October trial - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/07\/19\/twitter-musk-takeover-dispute-heading-for-october-trial\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Twitter-Musk takeover dispute heading for October trial\" \/>\n<meta property=\"og:description\" content=\"A US judge has ordered Twitter’s lawsuit against Elon Musk to go to trial in October, a blow to the world’s richest man who had asked for a stay. 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