Elon Musk vowed to pay $54.20 a share for Twitter but presently wants to back out of the agreement. He contends that the company has failed to provide sufficient information regarding the number of fake, or “spam bot,” Twitter accounts and that it has breached its responsibilities under the deal by firing top managers and laying off a considerable number of employees.
A judge is going to hear arguments on Tuesday, July 19th, for Twitter’s plea for a September trial in its lawsuit wanting to hold Elon Musk to his $44 billion deal for the social media platform.
Kathaleen McCormick, the chancellor of Delaware’s Court of Chancery, assigned a 90-minute hearing beginning at 11 am ET in Wilmington.
It was also reported that the first female chief judge on Delaware’s nationally recognized business court would preside over Twitter’s lawsuit that wants to hold Elon Musk to his agreement to purchase the social media platform for $44 billion, as per the court records.
McCormick undertook the role of chancellor, or chief judge, the previous year after the retirement of Andre Bouchard on the Court of Chancery, a preferred venue for large corporate conflicts.
Among McCormick’s first judgments will be a petition by Twitter to hold a four-day trial in September. It is an extremely tight time frame for such a complicated case.