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Twitter-Elon Musk to head for trial over buyout deal worth $44 billion on October 17

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Twitter-Elon Musk to head for trial over buyout deal worth $44 billion on October 17

A Delaware judge ruled that Tesla CEO Elon Musk and social media giant Twitter will have a five-day trial on October 17th. According to the order signed late Thursday by Delaware Court of Chancery Chancellor Kathleen McCormick, Musk will have to disclose until the end any legal claims he has against the company as of Friday.

Blaming Twitter Inc. for breaching the merger agreement by misrepresenting the number of fake accounts on its platform, Musk said he was walking away from the deal on July 8. McCormick expedited the hearing of the case last week, saying she wanted to limit potential damages to Twitter due to the uncertainty of the deal. Twitter lost hopes with revenue of $1.18 billion as a result of the trial, causing chaos within the company.

Both Musk and Twitter, who were confused about the extent of the discovery, agreed to pay each other a $1 billion breakup fee if either of them was responsible for the deal collapsing. Musk is also facing another lawsuit from a Tesla shareholder who sued him for unjust enrichment and the week-long trial will begin in Wilmington on October 24.

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