The acquisition of social media platform Twitter is an ongoing back-and-forth series that doesn’t seem to be ending soon. According to Bloomberg, in a recent court filing by Elon Musk’s lawyers, Musk is asking for an extension for the trial against Twitter. As of now, Twitter has remained silent on the update from Musk"s legal team.
The court trial is between Twitter and Musk, where Twitter is suing the Tesla CEO, forcing him to comply with the agreement to buy Twitter. The company argued that the trial would be four days long and start in early September this year. According to the filing made by Twitter at the Delaware Court of Chancery, it would require Musk to proceed with the acquisition of the social media platform at $54.20 per share. There will also be a case hearing on July 19 at the court to decide whether to speed up the legal procedures between the two parties or not.
The 14-page filing by Musk"s representatives asks to delay the trial until next year, ideally, February 13, 2023. The team describes the trial as “an extremely rapid schedule for a case of this enormous magnitude,” as Bloomberg reports.
Initially, Musk was to buy Twitter for $44 billion; however, since then has tried to escape from the deal. In May, he stated that he was delaying the acquisition as Twitter has more bots than the company disclosed. Twitter then sent Musk a letter followed by a trial on July 12, which Musk wants to postpone until next year.
Source: Bloomberg via TechCrunch