Billionaire businessman Elon Musk’s move to terminate the $44billion deal to acquire Twitter has prompted a lawsuit to be filed by the company. On Thursday, Judge Kathaleen St. Jude McCormick, who presides over the case, ruled that the trial will begin on Monday, October 17, and run for five days.
The lawsuit was filed earlier this month by Twitter in the Delaware Court of Chancery to push Musk to follow through with his deal to buy the giant social media company after expressing his desire to terminate the agreement.
Before Thursday’s decision by McC0rmik to begin the trial on Oct 17, he has previously ruled in favor of Twitter that the proceedings could take place in October but with no specified date. Both parties disputed the precise date, with Twitter trying to expedite the case.
Initially, there have been arguments between both legal teams about when to begin the proceedings, with Musk’s team calling for it to take place sometime in 2023. Twitter’s team on the other hand argued it was imperative to speed up the process in other to limit the perceived “harm” to its business and to ensure the deal could be done before October 24, which was the initially agreed date to close the deal.
Elon Musk’s lawyer has previously accused Twitter of being “in material breach of multiple provisions” of the deal. He claims the company did not provide Musk with the data he requested which was to be used to analyze the size of bot and spam accounts on the platform.
Twitter’s legal team strongly argues that Mr. Musk now feels buyer’s remorse but uses bots as an excuse to exit the deal. They referred to the Billionaire’s attempted exit as “invalid and unlawful.”
Twitter, however, still proceeding with the arrangements as it sent a letter to shareholders on Tuesday regarding a special virtual meeting to vote on Elon’s acquisition.