Twitter vs Elon Musk: First hearing to be held online today as judge tests Covid positive
Premium- The two sides will make their arguments about the trial's proposed start date to a Delaware Court of Chancery judge on Tuesday.
A judge will hear arguments on Tuesday for Twitter Inc's request for a September trial in its lawsuit seeking to hold Elon Musk, the world's richest person, to his $44 billion deal for the social media platform, according to a court filing.
The two sides will make their arguments about the trial's proposed start date to a Delaware Court of Chancery judge on Tuesday.
Kathaleen McCormick, the chancellor of Delaware's Court of Chancery, set a 90-minute hearing beginning at 11 am ET in Wilmington.
As per the Bloomberg report, Kathaleen McCormick has tested positive for Covid-19. She said that Tuesday hearing in Delaware on Twitter’s motion to fast track its case will be moved to Zoom instead of in-person as she needs to be “isolating this week pursuant to CDC guidelines," according to a letter Monday.
Meanwhile, the social media giant on Monday accused Musk of trying to "slow walk" the company's lawsuit to hold him to his $44 billion takeover and urged a September trial to ensure deal financing remains in place, according to a court filing.
"Millions of Twitter shares trade daily under a cloud of Musk-created doubt," the company wrote. "No public company of this size and scale has ever had to bear these uncertainties."
Twitter has sued Musk and asked a Delaware judge to order him to complete the merger at the agreed price of $54.20 per share.
The company said if Musk is ordered to close the deal it could still take months of additional litigation to close the debt financing, which expires in April. For that reason, Twitter asked the judge to reject Musk's proposal to hold the trial in February.
Musk, who is the world's richest person and chief executive of electric carmaker Telsa Inc, accused Twitter of rushing the trial to obscure the truth about spam accounts and to "railroad" him into buying the company.
A source close to the case told The New York Post that Musk's lawyers are planning to countersue Twitter to gather more information about spam accounts.
Elon Musk on 8 July pulled the plug on his $44 billion deal to buy Twitter and take it private, a regulatory filing showed. Musk accused the social media giant of "misleading" statements about the number of fake accounts. Twitter's shares dropped late on Friday after Musk terminating the deal.
Twitter has made “misleading representations" over the number of spam bots on the social network, and hasn’t “complied with its contractual obligations" to provide information about how to assess how prevalent the bots are, Musk’s representatives said Friday in a letter to Twitter as part of a regulatory filing
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