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Twitter-Musk lawsuit to derail $44 billion takeover to be held in October

19 July 2022
1 min.
Twitter-Musk lawsuit to derail $44 billion takeover to be held in October

Musk VS Twitter

The trial of entrepreneur Elon Musk's refusal to complete the deal to buy Twitter, which owns the social networking company of the same name, will take place in October 2022, The Wall Street Journal has reported.

According to its reports, a Delaware court ruled on Tuesday that the hearing in the case will take place in October and will last five days. It is noted that Twitter wanted the trial to start in September this year, while Elon Musk's representatives had insisted on a hearing in Feb. 2023.

The trial will have to determine whether Musk had the right to unilaterally declare the merger agreement with Twitter terminated because the social network's management failed to provide him with the necessary information about the proportion of fake accounts and accounts used for mass mailings. Twitter wants the court to order Musk to honour his commitments to buy the social network on the terms specified in the agreement.

It should be noted that in April of this year, Twitter's leadership said that Elon Musk offered to buy the social network for $44 billion. In May, the entrepreneur said he was trying to get information that would prove that the fake accounts used for mass mailing of advertisements is less than 5% of the total number on Twitter.

Elon Musk runs Tesla and SpaceX. He tops Bloomberg's list of the world's richest people with a fortune of $230bn.

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