Monday, October 3, 2022
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Twitter asks the judge for a speedy trial to force Musk to complete the purchase

Twitter filed a motion asking a court to hold a speedy trial for his lawsuit to force Elon Musk to buy the social media giant, saying that each passing day causes more damage to the company.

“This very public dispute hurts Twitter with each passing day that Musk is in breach,” Twitter said in Monday’s filing, adding that Musk “amplifies this damage by using the company’s own platform as a megaphone to disparage him.”

“Millions of shares of Twitter are traded daily under a cloud of doubt created by Musk”, Twitter continued. “No public company of this size and scale has had to endure these uncertainties.”

Twitter southern musk last week, hoping to force him to complete the $44 billion acquisition. The company expects to hold a trial on the matter in September, allowing a judge to rule before a debt financing deal expires in April.

The filing comes just one day before a judge in the Delaware Court of Chancery is due to hold a live hearing on the matter.

Musk initially offered to buy Twitter in April against the wishes of the company’s board, but the body eventually reconsidered. Financial markets began to fall soon after, including shares in Tesla, Musk’s main source of wealth, and he appeared to temper his enthusiasm for the purchase.

Musk’s team then asked Twitter for information about spam accounts, which the social media company said it provided as part of its data “fire hose.” But the billionaire said in July that he would back out of the deal, saying Twitter had not provided enough information about the prevalence of such accounts, citing “substantial breaches of multiple provisions” of the deal.

Twitter rejected that claim, filing a lawsuit to force the deal forward and saying it believed Musk wanted to pull out of the deal due to falling market conditions. The company has long said that it believes around 5% of accounts on its platform are fake.

“Musk offers no reason to think the discovery should be so broad that a trial should wait until next year,” Twitter wrote in the motion on Monday. The company added that Musk’s focus on bots and spam accounts was simply a “sideshow” to allow him to delay litigation.

Musk rejected calls for a speedy trial, and his lawyers said the reality behind the site’s spam accounts “is fundamental to the value of Twitter.” His team has proposed a February date instead.


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