Twitter is not supporting Elon Musk’s request for a speedy court trial regarding his plans to end his $44 billion contract with the social media company.
Twitter shares were down by about 1% during extended trading
Musk’s lawyers filed a Friday motion stating that Twitter’s “unjustifiable” request to speed up the case in relation to the merger should be rejected.
The Delaware Chancery Court filed the paperwork.
Twitter sued Musk Tuesday for violating the agreement to buy the company. A Delaware court ordered that the merger be completed at $54.20 per share.
Because the Musk merger agreement expires on Oct. 25, the company requested that the trial starts in September.
Musk filed that “Twitter’s abrupt request for warp speeds after two months’ of foot-dragging, obfuscation” was Musk’s latest tactic to hide the truth about spam accounts long sufficient for railroad defendants to close.
Musk’s lawyers announced on July 8 that he would abandon the deal. They claim Twitter is in material breach of multiple provisions of the agreement and “appears to have made false representations” when it accepted Musk’s acquisition offer.
This photo illustrates a Twitter logo displayed on a smartphone screen. Photo Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images/Getty Images
Musk and his legal team were disputing Twitter’s internal estimates of spam and fake accounts making up less than 5%.
Musk’s lawyers claim that the dispute is essential to Twitter’s value. It is also extremely factual and expert-intensive and will require considerable time to resolve.
They want a trial date for next year on or after February 13, 2013.
The Twitter account of Elon Musk is displayed on an iPhone screen in front of the homepage. (Chesnot/Getty Images / Getty Images)
If the trial is delayed so far, there are fears that the deal could fall as the banks’ debt financing package for the acquisition expires in April 2023.