Twitter vs Elon Musk Case: The dispute between Twitter and Elon Musk has now reached the court. The court has also announced the dates of hearing today. Let us tell you the latest updates of this news.
The deal of Twitter and Elon Musk remains a topic of great discussion in this year i.e. 2022. Elon Musk did a deal with Twitter but it could not be completed, on the contrary, a dispute started between the two. Soon after, the fight between Twitter and Elon Musk reached the court and now finally the trial date has come out. In April, Elon Musk made a deal of $ 44 billion (about Rs 3.4 lakh crore) to buy Twitter. Musk had offered Twitter $54.20 (about Rs 4,303) per share for this.
Elon Musk canceled this deal a few weeks ago, after which Twitter said that he would go to court regarding this issue. In fact, according to the information given in this deal filing to US Securities and Exchange, if either party cancels the deal, then it will have to pay a termination fee of $1bn i.e. approximately Rs 7,904 crore.
Trial schedule revealed
Now this issue is to be discussed in the court and today the Delaware Court of Chancery has also released the schedule of trial of this case. Earlier this week, the Elon Musk team had asked for a date of October 17, to which Twitter also agreed. Now Judge Kathleen McCormick has issued an official schedule for the case, which will begin on October 17, 2022. Let us tell you that the trial of this dispute between Elon Musk and Twitter will last for 5 days, which will end on October 21.
Let us tell you that initially people from both the sides had demanded different dates. On one hand Twitter had asked for trial time in September, while Elon Musk’s team had sought trial in 2023 next year. However, now the time between October 17 and October 21 is acceptable to both the parties. Now it has to be seen what happens in the court hearing in those 5 days and in whose favor the court gives its verdict.
Elon Musk has cited the reason for canceling the Twitter deal as hiding the correct information about the fake account and giving half-baked information on behalf of the board of Twitter. Musk told the US Securities and Exchange Commission (SEC) that Twitter had provided several incorrect information in the agreement during the deal. Because of this, he is ending the $ 44 billion deal to buy Twitter.