Businessman Elon Musk asked this Friday (15) to the US commercial court in which Twitter opened a legal battle to force him to buy the company that don’t be in a hurry to judge the action. Through his lawyers, Musk formally responded to a request from Twitter for an “accelerated” process and that the trial be resolved in September, and argued that there is no reason to “hasty”, as reported by The Wall. Street Journal”.
Musk’s legal team stated that the “dispute over fake accounts and ‘spam’ is critical to the value of Twitter”, and claimed that it takes “substantial time” for a investigation and that it is “unnecessary” to follow a “vertiginous timetable”. In this sense, the billionaire demands a judgment not before 13 February 2023 and points out that the funding he has for the operation is valid until April of that year. .
The judge in charge of the case, Kathaleen McCormick, has scheduled a hearing for next Tuesday (19) in Wilmington (Delaware), according to local media reports.
Tesla founder notified the US stock market regulator a week ago of his intention to cancel the Twitter purchase that both parties agreed to in April, arguing that the platform deceived you and did not provide you with the requested data.
Musk mainly refers to data on the number of fake accounts or “spam” (“bots”) present on the platform, which company puts it at about 5%, but that the entrepreneur considers underestimated.
However, last Tuesday (12), Twitter fulfilled the threat of starting a legal battle and denounced the businessman in the Court of Chanc Elaria of Delaware, which handles commercial disputes, to try to get a judge to order the businessman to complete the transaction.
In its complaint, the company accused Musk of disqualifying it, altering its operations, reduce value to its shareholders and other “contractual loopholes” that have tarnished its business.
Twitter’s board of directors accepted at the end of April an offer to acquire Musk in the amount of US$ 44 billion, the equivalent of US$54,20 per share, which was a significant premium over the stock price at the time and also currently.