Tesla’s CEO, Elon Musk and Twitter has been in court over the failed acquisition deal between both parties. On his part, Elon Musk claims that Twitter wants to sell bot accounts to him. However, Twitter argues that Musk has to continue with the agreement in principle. As part of the ongoing lawsuit, Musk will answer questions from Twitter lawyers next week. Musk’s briefing is scheduled for Sept. 26-27, according to a filing today in Delaware Chancery Court. The interview will take place behind closed doors at a law firm in Wilmington, Delaware. However, if necessary, there may be an extension to September 28.
Elon Musk Vs Twitter
At present, the litigation battle between Twitter and Musk is intensifying. The case will officially commence on October 17 this year and will last for a period of five days. For now, both sides are seeking extensive correspondence and documents from the other to better defend themselves ahead of the trial. At the same time, the lawsuit has swept some of the biggest names in Silicon Valley and Wall Street.
In addition to Elon Musk, Oracle founder Larry Ellison, former Intel CEO Robert Swan and Twitter co-founder Jack Dorsey also received subpoenas. In the lawsuit, both sides accused the other of violating the acquisition agreement signed in April. Twitter wants the judge to order Musk to continue to buy Twitter for $54.20 per share, as originally agreed.
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It has been reported recently that several hedge funds, including Greenlight Capita and Pentwater Capital Management, believe that Musk will ultimately not get his way and may end up buying Twitter at a price of 10% to 15% lower than the original transaction price.
Twitter has been employing all sorts of tactics to get information from Musk and his “friends”. The company is issuing a subpoena to any “friend” that Musk had contacted at about the time of the deal. Many of these people consider the subpoenas an embarrassment.