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Thursday, August 11, 2022

Twitter says Elon Musk is using stalling tactic to delay testing on merger

Twitter is urging a Delaware court to grant its request for an expedited trial on Elon Musk’s nixed $44 billion agreement to buy the company — arguing the billionaire’s efforts to delay proceedings are merely a stall tactic.

In a court filing on Monday, Twitter argued on Musk’s “proposed schedule” that delaying a trial until next spring was a “tactical delay” calculated to complicate and obscure it.

The social media firm, which instead wants an expedited timely hearing in September, said it was “obligatory” that the court accept its request for “the earliest possible trial date”.

“This very public controversy continues to damage Twitter with each passing day,” Twitter’s lawyers said in the filing. “Musk magnifies this damage by using the company’s own platform as a megaphone to disparage it.”

The filing states, “As stated in the complaint, Musk is using his consent rights to straighten out the company’s operations, and the overhang of his violation puts Twitter’s relationships with employees and customers at risk.” Is.”

The Delaware Chancery Court will hear Twitter’s request for an expedited trial Tuesday morning. Twitter is attempting to force Musk to comply with the merger agreement by court order.

Musk’s lawyers have requested that the trial begin no earlier than February 13 of next year – adding that the billionaire’s camp needs additional time to investigate concerns about the number of spam bots within Twitter’s user base. the wanted.

The Tesla CEO cited the bot issue as a key factor in his decision to back out of a deal to buy Twitter. Meanwhile, Twitter has argued that fake accounts account for less than 5% of its user base.

Twitter’s filing dismissed Musk’s concerns about spam bots as “a contractually irrelevant party that Musk wants to use to humiliate Twitter and prolong this lawsuit.”

Twitter noted that the Delaware Chancery Court has “shown that merger-enforcement disputes can be prosecuted in sixty to seventy-five days.”

The Wall Street Journal previously reported on the filing.

As The Post exclusively reported on Monday evening, Musk’s team plans to file a retaliatory lawsuit targeting Twitter. A protracted legal battle could put more pressure on Twitter’s stock, which has fallen steadily in recent months during a market-wide decline.

Delaware Chancery Court Chief Justice Kathleen McCormick is presiding over the Twitter-Musk legal battle. He has the distinction of being one of the few judges on record who has ordered a company to fulfill a merger agreement that he attempted to exit.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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