February 24, 2024
Sci & Tech

Elon Musk and Twitter’s dispute over a $44 billion agreement will go to trial on October 17

WILMINGTON: As part of Twitter’s effort to hold Elon Musk to his $44 billion deal for the social media site, a Delaware judge ruled that he must reveal by Friday night any legal claims he might have against the company. The trial will start on October 17 and last for five days.

The ruling was signed late Thursday by Chancellor Kathleen McCormick of the Delaware Court of Chancery. Musk, the head of Tesla and the richest man in the world, has until 5 p.m. EDT (2100 GMT) on Friday to submit any counterclaims.

According to Musk’s legal counsel, he may file counterclaims, which would basically be his own lawsuit against Twitter, and be used to seek monetary compensation for the disputed transaction. The CEO of Tesla and SpaceX announced his decision to terminate the partnership on July 8 and accused Twitter of breaking the merger agreement by exaggerating the number of phoney accounts on its platform.

A few days later, Twitter filed a lawsuit, asserting that the merger agreement obliged Musk to finalize the transaction at $54.20 per share and that the fraudulent account claims were an attempt to divert attention. The company’s shares increased 1.4 percent to $41.45 in early trade on Friday.

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