Regardless, both parties seemingly came to an agreement after some deliberation as Musk’s Twitter purchase was imminent. Reports were circulating that the deal was all but done between the two, and media outlets began speculating new changes on the social media portal. However, Musk suddenly backed out of the deal.
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Musk cited his primary reason as the secrecy of the Twitter board to reveal information about the number of bot accounts. Nonetheless, the social media corporation believes it was betrayed in a $44 billion buyout deal and deserves a legal remedy. Consequently, news broke out that Twitter plans to sue Elon Musk for pulling out of the deal and will push for the original agreement to go through. Twitter took the matter before a Delaware court, where oral arguments were presented earlier today. Twitter’s legal team pushed vehemently for a trial as soon as possible, while Musk wanted the proceedings to begin in February next year.
Kathaleen McCormick, Chancellor of the Delaware Court of Chancery, ruled in Twitter’s favor as she set the trial date for October. “Delay threatens irreparable harm; the longer the delay, the greater the risk,” said the Delaware Court judge. Even though Twitter was hoping for a trial in September, this judgment is a massive win for the social media company. The trial will last no longer than five days, and the official dates will be announced soon.
Many experts believe Musk still wants to buy the tech company despite repeated accusations of bot accounts. These people opine that the business magnate is pursuing these strategies to bring down the share price for a more favorable deal. Moreover, the Twitter board and legal counsel say Elon Musk’s accusations about fake bot accounts damage the company’s reputation.
Elon Musk is famous for giving controversial statements and using bold strategies that have often backfired. He is also regarded as one of the most innovative minds of this generation with remarkable technological vision. Musk recently announced a colllaboration between Steam and Tesla, suggesting users might be able to play Steam games in their cars.
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Source: IGN
