New Delhi: A US judge has set October 17 as the start date for the high-profile trial in the legal battle to quash the $44 billion acquisition deal in Twitter vs Elon Musk. Judge Kathleen McCormick in the Delaware Court of Chancery has issued an official schedule showing the high-profile trial to begin October 17 through October 21.
Twitter wanted the test to begin on October 10, but Musk said he wanted it to begin a week later, and stressed that the extra week of preparation would be crucial. (ALSO READ: Sensex, Nifty climb over 1% to close at 3-month high, extend rally for third straight day)
“The parties shall act together in good faith on the determination and placement of deposits. The parties shall not require a subpoena to submit to the statement, at reasonable notice under their respective control, including their respective current directors, officers, employees, and . Experts and documents under the control of the parties in the possession of such persons,” the judge said in the order of assessment of the case. (Also read: HDFC Q1 net profit rises to Rs 3,669 crore)
Earlier this week, Musk’s lawyers filed a letter to the Delaware Chancery Court, saying Twitter was not playing well in the pre-trial process and should be forced to do so.
Musk’s lawyers claimed that Twitter is not producing the documents it needs, even if they are easy to produce.
The Parag Agarwal-led microblogging platform had pushed for proceedings to be initiated at the earliest, arguing that the ongoing shenanigans were hurting the company and things should be resolved at the earliest.
Musk’s team asked for a much longer timeline, hoping to begin testing early next year.
However, McCormick chose October and asked both sides to begin preparations.
If Elon Musk’s legal team can prove that Twitter misled its users by disclosing the actual number of bot or spam accounts on its platform, the company would be required to disclose fraudulent disclosures in filings with the US Securities and Exchange Commission. be held liable to (SEC).
The Tesla CEO ended the $44 deal because he didn’t believe Agarwal had told him about the actual number of bots on the platform.
The micro-blogging platform recently revealed that it is suspending over 1 million spam accounts a day.