Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Elon Musk asks judge to start Twitter trial on Oct. 17

Published 07/26/2022, 09:52 AM
Updated 07/26/2022, 11:06 AM
© Reuters. FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) at the E3 gaming convention in Los Angeles, California, U.S., June 13, 2019.  REUTERS/Mike Blake
MKC
-
TSLA
-
TWTR
-

By Tom Hals

WILMINGTON, Del (Reuters) -Elon Musk asked a judge to schedule a five-day trial beginning Oct. 17, not Oct. 10 as requested by Twitter Inc (NYSE:TWTR), to resolve his bid to walk away from his $44 billion deal to acquire the social media platform, according to a court filing on Tuesday.

A lawyer for Musk, the world's richest person, said he was writing to ask the judge to "break the impasse to allow things to move forward promptly."

Twitter declined to comment.

Chancellor Kathaleen McCormick (NYSE:MKC), the chief judge on Delaware's Court of Chancery, last week ordered an October trial, which promises to be one of the biggest Wall Street legal fights in years. However, she left it to the parties to work out the precise schedule.

Musk, who is the chief executive of electric vehicle maker Tesla (NASDAQ:TSLA) Inc, had requested a February trial, which he said provided the time he needed for a thorough investigation of fake accounts on Twitter. He said the company misrepresented its user numbers and therefore breached the merger agreement, allowing him to walk away.

The company, which had requested a September trial, said the fake account issue was a distraction and deal terms require Musk to pay up.

© Reuters. FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) at the E3 gaming convention in Los Angeles, California, U.S., June 13, 2019.  REUTERS/Mike Blake

The Musk letter also asked the judge to order Twitter to immediately produce what it called "core documents," require Twitter to produce all raw data by Aug. 1 and require the company to produce documents within 18 days of a request.

Musk accused Twitter of refusing to immediately provide documents such as manuals and policies regarding active daily user calculations and artificial intelligence and "all items in the data room."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.