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The world’s richest man had requested a postponement, but a US judge has ordered that Twitter’s lawsuit against Elon Musk proceed to trial in October.
The company sued Mr. Musk after he withdrew his $44 billion (£36 billion) offer to purchase the social media company earlier in July.
Twitter believes that the court will direct Mr. Musk to finalize the acquisition at the agreed-upon price of $54.20 per share. The tech billionaire charged Twitter with hiding details on phony accounts.
Due to the trial’s complexity, his legal team requested that it begin early next year; however, Twitter requested it begin in September.
A court in the state of Delaware agreed with the business on Tuesday and claimed that postponing the trial would create a “cloud of uncertainty.”
Prior to the possible merger, Mr. Musk was accused in the complaint of a “large list” of infractions, and it was claimed that he “cast a cloud” over the business.
The takeover’s prolonged ambiguity “inflicts injury on Twitter every day,” said Twitter’s main attorney William Savitt, during the hearing on Tuesday.
Theoretically, Musk is still interested in acquiring Twitter; he’s just attempting to negotiate a lower price. If that’s the case, his attorneys are exceptional poker players.
Due to the case’s complexity, his legal team requested that the trial begin early in 2023, but Twitter requested a September 2022 date. They stated they needed additional time to sift through the spam accounts data. This is obviously a stalling tactic, too.
They reaffirmed Elon Musk’s suggestion that Twitter may have more phony accounts than it admits.
If Mr. Musk were still interested in buying the company at a lesser price, that would be a damaging and odd charge.
Twitter wants the Case Resolved Quickly
The reputation of Twitter has already suffered significantly. The majority of Twitter’s income comes from advertisements. The platform can generate less revenue the less actual users there are. There are no wallets on bots.
Twitter wishes to resolve this procedure as soon as possible because of this. However, the best-case scenario for the business is if Mr. Musk purchases it at $54.20 a share as soon as possible.
This ruling is advantageous for Twitter for this reason. The judge agreed with Twitter’s attorneys that a decision must be made immediately. It puts Mr. Musk under additional strain since he now has to face the absurd possibility of having to purchase a business he no longer wants.
Nevertheless, this will probably increase the pressure on Mr. Musk to reach a settlement, pay, and then move on. Theoretically, Musk is still interested in acquiring Twitter; he’s just attempting to negotiate a lower price. If that’s the case, his attorneys are exceptional poker players.