By Reuters | Updated: 28 July 2022
Twitter does not object to a proposal by Elon Musk to start on October 17 a trial over Musk’s bid to walk away from his $44 billion (roughly Rs. 3,37,465 crore) acquisition deal but the social media company wants a commitment to complete the trial in five days, Twitter said in a court filing on Wednesday.
Musk has said he needs time to complete a thorough investigation of what he says is Twitter’s misrepresentation of fake accounts, which he said breached their deal terms.
He originally sought a February trial, but on Tuesday proposed an October 17 trial after a judge ruled the proceeding was to start in three months.
Twitter does not object to a proposal by Elon Musk to start on October 17 a trial over Musk’s bid to walk away from his $44 billion (roughly Rs. 3,37,465 crore) acquisition deal but the social media company wants a commitment to complete the trial in five days, Twitter said in a court filing on Wednesday.
Musk has said he needs time to complete a thorough investigation of what he says is Twitter’s misrepresentation of fake accounts, which he said breached their deal terms.
He originally sought a February trial, but on Tuesday proposed an October 17 trial after a judge ruled the proceeding was to start in three months.
Twitter also dismissed Musk’s claims that the company was dragging its feet in responding to his demands for documents. Twitter said Musk is the one holding up the process by refusing to answer the company’s complaint, which it said would clarify the issues and any counterclaims he may assert.
Shares of Twitter closed up 1.3 percent at $39.85 (roughly Rs. 3,100) on Wednesday. Musk agreed to acquire the company for $54.20 (roughly Rs. 4,300) a share.
© Thomson Reuters 2022
