Legal fight, yes, but without haste. Elon Musk’s lawyers are opposing Twitter’s desire to file a lawsuit as quickly as possible to force the billionaire to honor his $44 billion takeover of the social network. The Californian company asked the Delaware court to organize a trial in September. The Musk camp, for its part, wants this deadline moved to February 13, 2023, arguing that the bank loans obtained to make the acquisition remain valid until next April.
Twitter claims Elon Musk is looking to step down as his personal wealth has been wiped out by the stock market crash. Instead, the billionaire’s board wants to refocus the debate on the number of fake accounts on the social network, which they argue will be far more important than what Twitter claims. “Mr. Musk was amazed to discover the lightness of Twitter’s calculation method.”, who allegedly hid information. Musk’s camp will therefore need time to best prepare for what promises to be a technical test.
Twitter has every interest in resolving the dispute as quickly as possible, which weakens it a little more every day. Its market valuation fell by 30% after the signing of the purchase agreement at the end of April. His employees, floating in limbo, are increasingly facing layoffs. And the advertising sector seems to be frozen. Next Friday’s release of Twitter’s April-June financial results will be scrutinized.
The two camps will meet in a Delaware court on Tuesday for a preliminary hearing. Judge Kathleen McCormick will decide whether to opt for an expedited procedure.
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.