On July 15, Elon Musk’s lawyers filed an appeal in Delaware Chancery Court, calling Twitter’s proposal an unreasonable request. The Tesla CEO believes a short trial over the next two months will further complicate matters.
Elon Musk wants the trial to begin on or after February 13, 2023, as he thinks it will uphold the interest of both parties and the judiciary.
The latest filing was made by Elon Musk on July 15, where he claims Twitter’s appeal to speed up proceedings starting September 2022 is not justified; Therefore, it should be rejected. The trial pertains to a $44 billion Twitter acquisition by Musk.
Elon Musk Against Accelerated Testing
On Tuesday, July 12, Twitter filed a lawsuit against Elon Musk to overturn the $44 billion merger. Elon Musk declined the deal with Twitter because he did not receive the requested details of spam accounts on Twitter.
Now Twitter wants to speed up the lawsuit in which it is appealing to the court to ask Elon Musk to stick with the original deal of $54.20 per share.
This legal battle doesn’t seem to be ending any time soon, as Elon Musk has urged the court not to grant the trial and delay it until February 2023 or beyond.
Furthermore, he claims that Twitter’s proposal to fast-track prosecutors is based on the acquisition deal’s expiration date of October 24. However, the time limit is automatically extended when either party files a lawsuit.
Amazingly, the borrowed funds scheme of the takeover officially ends in April 2023. Indicates that the agreement can be terminated if the trial is not finished by the deadline.
Following the filing, Twitter’s share price was up 4%, trading toward $37.74. However, even then, the price did not match the agreed value of $54.20 for the deal.
However, according to Wall Street analysts, the deal may not happen at the said price and will be redeemed.