Musk’s lawyers, in documents filed with the Delaware Chancery Court, said Twitter’s “unjustified request” to expedite the merger case after two months should be denied.
This is the latest step in what promises to be a major lawsuit between Twitter and Musk. The San Francisco-based company is trying to resolve months of uncertainty for its business as Musk tries to back out of a deal over what he says is Twitter’s “spambot” issue.
Twitter sued Musk on Tuesday for breaching a deal to buy the social media platform, asking a Delaware court to order the world’s richest man to complete the merger at an agreed price of $54.20 per share.
The company has requested legal proceedings begin in September as the merger agreement with Musk expires in October. 25.
“Twitter’s sudden request for warp speed after two months of delay and obfuscation is its latest tactic to hide the truth about spam accounts long enough to push responders to shut down,” Musk said in a statement.
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Musk’s lawyers have argued that the controversy over fake and spam accounts is fundamental to Twitter’s value and is extremely fact-packed and expert. They said it would take a significant amount of time to discover and requested a trial date on or after February. 13 next year.
The debt financing package provided by banks to acquire Musk will expire in April 2023. This means that if the lawsuit starts in February and is not completed by April, the deal could fall through.
Twitter declined to comment on Musk’s latest proposal.
Twitter shares fell about 1% in extended trading.