The new date is Jul 11, 2022.
The social media giant is preparing to file a lawsuit against Musk after he tried to back out of a deal to acquire it.
The company's shares continued to plunge in pre-market trading as it deals with the consequences of Musk's comments.
The company's shares were down more than 4% in pre-market trading on Monday.
The pre-market values would place the market cap of the company at around $26 billion, or 40% less than the amount Musk agreed to pay to acquire the company and take it private for.
Since Friday, when Musk disclosed in an SEC filing that he wants to walk away from the deal, the company's shares have plummeted.
The Delaware Court of Chancery is where the company is incorporated and where the lawsuit will be filed.
Musk hasn't made a statement about his plan to leave the deal, but he will face legal action from the company. A meme about the saga was sent out by the billionaire late on Sunday night, suggesting that a court case against him would force the social network to reveal the number of bot on its platform. They said I couldn't buy it, then they wouldn't reveal bot info, now they want to force me to buy it in court, now they have to reveal bot info
According to a report, the law firm Wachtell, Lipton, Rosen & Katz is helping with the legal proceedings against Musk. According to the report,WLRK was a legal adviser for Musk when he decided to take the company private. The SEC hit both Musk and Musk's company with fines of $20 million each to settle fraud charges. The "poison pill" is a shareholder rights plan designed to protect a company against takeovers. One of the plans that was considered was the poison pill.
On Friday, Musk said he wasterminating the deal to acquire the company and accused it of breaching several provisions of the purchase agreement. Musk's lawyer, Mike Ringler, said he wasn't given enough information about the number of accounts on the platform. Matt Levine wrote that Musk had no intention of buying the company, as he was just trying to drum up some drama. Musk would end up overpaying for the company because of the recent slump in tech stocks, according to others. It will be difficult for Musk to legally wriggle out of this deal as in the Delaware court the burden of proof is on the acquiring party.
$237 billion. According to the real-time tracker by Forbes, Musk is the richest man in the world at the moment.
Musk is facing an uphill battle in the legal battle.
ThePlatform plans legal action on the deal that MuskTerminating.
The legal team for the lawsuit over Musk's dropped takeover is assembled.
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