Twitter agrees to hear from October 17 in the case of Elon Musk withdrawing from the deal, expressed concern about the delay

Twitter Inc. has not objected to a proposal by billionaire Elon Musk to start hearing on October 17 for withdrawing from the $44 billion acquisition deal. Musk had sought time to hear the matter. However, the social media company, in its reply filed in the court on Wednesday, sought a commitment to complete the trial in five days.

Musk has said he needs time to complete a thorough investigation into whether Twitter's fake accounts were misrepresented. Regarding this, Musk said that the company has violated the terms of the deal. Musk and his lawyers withdrew Musk's offer in July have cited reasons unrelated to the change in the financial status of the deal - primarily with a need for more information on spam accounts.

Order to complete the trial in 3 months

He had originally sought a hearing in the case in February but was ordered to hear the case from October 17 after the judge on Tuesday decided to start the proceedings in three months.

Twitter called the fake account a distraction and called for hearings to begin as soon as possible following Musk's decision to scrap the deal, arguing that the delay was hurting his business. . In the court filing, Twitter said that Elon Musk has not given any assurance that the trial will be completed in five days, as ordered by Delaware Court of Chancery Judge Kathleen McCormick.

In its response to the court, Twitter said, "Twitter sought that commitment because it believes Elon Musk intended to delay the case, to make the Court's expedition order impractical and thus to make its own The decision of contractual obligations is to be avoided.

No response from Musk on Twitter's comment

Lawyers for Musk, the world's richest man and chief executive of electric car maker Tesla Inc., did not respond to Twitter's comments.

At the same time, Twitter also dismissed Musk's claims that the company was stepping back in response to his demands for documents. Twitter said that Musk is stalling the entire process by refusing to respond to the company's complaint.

On the other hand, Musk's recent tumultuous game with Twitter has rocked the market. Twitter, though initially opposed to Musk, then signed a US$44 billion deal (36.6 billion euros) in April this year.

The deal placed a 38 percent premium over Twitter's then share price. While the market expects value added on such a deal, recent events have pushed the premium even higher. This will not benefit the shareholders of both parties. A lot has changed since Musk's April offer. Fears of a recession have softened technology stocks.