Twitter’s request to hold a hearing in September for a quick conclusion “must be done following February next year”
Tesla CEO Elon Musk said on the 15th (local time) that he opposes the expedited trial process following being sued by Twitter over the breach of the Twitter takeover deal.
Musk’s lawyers opposed Twitter’s expedited trial in a petition filed with the Delaware Equity Law Court, which is in charge of the lawsuit, the Wall Street Journal reported.
Musk argued that the court should dismiss Twitter’s unjustifiable request to hasten the case.
Earlier on the 12th, Twitter filed a lawsuit in court to force Musk to comply with the acquisition agreement, which had announced that it was terminating the $44 billion (regarding 58 trillion won) acquisition of Twitter.
He also filed a request for an expedited trial to hold a hearing in mid-September, citing the recent economic downturn and the risk of the company being caught up in uncertainty.
A decision must be made quickly to protect Twitter and its shareholders from ongoing market risks and the business damage caused by Musk’s efforts to harass Twitter.
Twitter’s lawsuit was in response to Musk’s earlier declaration of termination of the acquisition agreement for breach of contractual obligations, saying that Twitter had provided insufficient information regarding the status of spam (fake) accounts.
Musk’s attorney said in a petition filed today that “the core debate over fake and spam accounts is fundamental to the value of Twitter. claimed that
He also requested that the hearing be rescheduled on or following February 13 next year.
The loan to finance the acquisition is also valid until the end of April next year, he added.
Musk also clearly disclosed for the first time the development of the controversy surrounding spam accounts in the documents submitted this time.
According to this, Musk’s concern regarding the number of users on Twitter was when Twitter corrected its ‘Monetizable Daily Active Users’ (mDAU) when it announced its first quarter results in April.
In the process of counting people with multiple accounts, Twitter accidentally overestimated the number of users for nearly three years until the end of 2021, and lowered its mDAU by 0.9% as of the fourth quarter of last year.
According to court documents, Musk met with Twitter executives on May 6 and asked how spam accounts were calculated.
Twitter maintains that spam accounts account for less than 5% of mDAU, but Musk disagrees.
Musk also refuted allegations that Musk disparaged Twitter.
“Twitter has the sense of humor of a bot (automatic spamming software), and Musk damages Twitter with tweets like Chuck Norris memes and shitty emojis,” they said. claim to have worn
Twitter ignores the fact that Musk is Twitter’s second-largest shareholder, with a greater economic interest than the entire Twitter board.”
Meanwhile, Twitter’s board of directors urged shareholders to pass the deal, saying it was the last step to complete the deal.
In a filing with the U.S. Securities and Exchange Commission (SEC), Twitter said on Wednesday that “the adoption of the agreement by our shareholders is the only remaining approval or regulatory condition of the agreement.”
He also asked shareholders to attend a special general meeting of shareholders that has not yet been set.
/yunhap news
