Published , by Donovan Erskine
Published , by Donovan Erskine
After an extended back and forth debacle, Elon Musk informed Twitter (TWTR) earlier this month that he’d be backing out of the agreed upon $44 million acquisition deal. However, it won’t be that simple. Twitter responded by stating it plans to take Musk to court, as the two sides had agreed to the deal, and Twitter would like to see it close. Now, we know exactly when the two parties will meet in court. A Judge has set an October start date to the Twitter vs Elon Musk trial.
Twitter filed its lawsuit against Elon Musk in the Delaware Court of Chancery, and that’s where a judge has determined the trial will begin in October of this year, as we learned through Reuters. While Elon Musk’s team was hoping for the trial to start in February, Twitter was seeking an earlier September start date. The October decision falls much closer to Twitter’s desired timeline, an early win for the social media company. The trial will take place over the course of five days, which also falls in the middle of the desired length by both parties.
It was a dispute over the bot and spam account data on Twitter that led Elon Musk to back out of the acquisition deal. Twitter’s failure to provide sufficient information on how it determined that bots only account for 5 percent of accounts was frequently cited by Musk as the holdup in the deal. When speaking to the judge, Twitter claimed that Musk’s blaming of the bot data was simply an excuse to get him out of the deal. They’re essentially arguing that the multi-billionaire got cold feet along the process and was looking for an out. Twitter hopes to hold Elon Musk to the agreement and force him to go through with the $44 billion acquisition of the company.
It’s certainly been a rollercoaster of news for the Twitter and Elon Musk saga, and things are far from over. With the trial set to take place this October, we can expect a lot of news to come out as the dispute is settled. For all of those future updates, you can count on Shacknews.