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Twitter Says It Accepts Elon Musk's October Trial Over $44 Billion Deal

Twitter Says It Accepts Elon Musk's October Trial

Also read :Elon Musk charged with lawsuit over Twitter layoffs

 Twitter said yes to a proposal by billionaire Elon Musk to start a trial on October 17 over Musk's bid to walk away from his $44 billion acquisition deal of the social media company. However, Twitter wants a commitment from Musk to complete the trial in five days. 

Twitter said in a court filing on Wednesday that Elon Musk has offered no assurance the trial would be completed in five days, as ordered by the judge, Kathaleen McCormick of the Delaware Court of Chancery. The San Francisco-based company wanted to complete the deal soon. 

Also read :No free food, 80-hour weeks: Elon Musk tells Twitter employees

Musk reportedly said he needs time to complete an investigation on Twitter's misrepresentation of fake accounts, which he said breached their deal terms.

Musk initially sought a February trial, but on Tuesday proposed an October 17 trial after a judge ruled that the trial was to start in three months. The trial in October will decide whether Elon Musk can be forced to complete his $44 billion deal to buy the social media platform. 

Recently, a judge in the eastern US state of Delaware ruled against Musk's push for a February date for the proceeding.

Also read :Shocking! Elon Musk loses $15 billion in a day

Elon Musk vs Twitter

Earlier, Musk’s lawyer told the Delaware Chancery Court that Musk wanted correct details about fake accounts on Twitter. However, Twitter said that Musk’s skepticism over Twitter's spam accounts tally was a distraction and asked to start the trial as soon as possible. Twitter argued that delay damages its business.

Musk reportedly backed away from the deal because the stocks of Twitter tumbled, and the value had fallen below the $54.20 per share he offered. Earlier, Musk had made a hostile bid to take over Twitter for a $44 billion deal, which means Musk agreed to acquire the company for $54.20 a share. On Wednesday, the shares of Twitter closed up 1.3 percent at $39.85. 

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