After suing Musk for backing out of his $44 billion bid to buy the company, the legal battle is just beginning. Musk's lawyers asked for a delay in the hearing of the lawsuit.
The lawyers for Musk want to delay the trial until at least February 23, 2023, according to the new tab. Musk's legal team described the September hearing as an attempt to cover up the truth about the accounts.
The deal to buy the social media platform was terminated by Musk. A Delaware court was asked to order Musk to complete the merger.
Musk canceled the deal due to the company's failure to reveal the number of accounts on the platform. The CEO of the company wants to know if the claim that less than 5% of the platform's daily active users are fake is true.
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The deal was put on hold after Musk raised doubts about the platform's account numbers. He said he was committed to the acquisition.
He threatened to end the agreement due to the lack of transparency regarding the fake accounts. Musk thinks that the number of fake accounts on the platform is higher than what the company has said.
In order to prevent harm to its shareholders and the company itself from Musk walking away from the deal, the Delaware court was asked to enforce it.
The Delaware Chancery Court will hold a hearing on July 19 to hear the request for a September trial. Even if Musk bails on the deal, he still has to pay a $1 billion break-up fee.
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