Twitter hit back on Monday at Elon Musk for accusing the social media company of breaching its obligations in their merger agreement, saying it is Musk who’s breaching the $44-billion deal by attempting to ditch it. Diane To reports.
In it, the social network operator alleges Musk materially breached the original agreement and displays direct examples of him doing so in the form of his own tweets.
Twitter wants a lightning-quick trial to resolve its claim that Musk wrongfully canceled his proposed $44 billion buyout of the social-media platform.
Lawyers for the San Francisco-based company say they need only four days in Delaware Chancery Court to prove that the world’s richest man should be forced to honor his agreement and pay $54.20 a share for Twitter. The company hopes to start the non-jury case on September 19.
Unlike some states where it can take several years to get a case to trial, Delaware Chancery Court generally moves quicker. Chancery judges business law experts are known for being able to parse through the legal thickets of complex merger and acquisition disputes more quickly and thoroughly than other US courts. Even complex business cases are often argued before a judge within six or seven months of being filed.
Twitter’s suit cites no fewer than 13 Musk tweets in setting out the arc of the billionaire’s infatuation with the service, which started with the pun of “love me tender” before his bid in April.
It later devolved to Musk posting poop emoji in response to Twitter Chief Executive Officer Parag Agrawal’s explanation of how the company estimates the number of bot accounts on the platform.
Source: fin 24
