Twitter filed a lawsuit hold a speedy trial due to a lawsuit to force Elon Musk to buy the social media giant, saying that every day that passes causes further damage to the company.
“This very public controversy is hurting Twitter every day that Musk breaks the rules,” Twitter said in a statement on Monday, adding that Musk is “amplifying that hurt by using the company’s own platform as a bullhorn to vilify it.”
“Millions of Twitter shares are trading daily under a cloud of doubt created by Musk,” Twitter said in a tweet. continuation. “No public company of this size and scale has ever faced such uncertainty.”
Twitter sued Musk last week, hoping to get him to complete the $44 billion acquisition. The company hopes to have a trial on the matter in September, allowing a judge to rule before the debt financing deal expires in April.
The application is being filed just one day before a Delaware Chancery Judge is due to hold a live hearing on the matter.
Musk originally offered to buy Twitter in April against the wishes of the company’s board of directors, but the board ultimately changed its mind. Shortly thereafter, financial markets began to tumble, including shares of Tesla, Musk’s main source of wealth, and he appears to have moderated his enthusiasm for the purchase.
Musk’s team later asked Twitter for information about spam accounts, which the social network provided as part of its “firehose” data. But the billionaire said in July he refuses the dealstating that Twitter did not provide enough information about the prevalence of such accounts, citing a “material breach of several provisions” of the agreement.
Twitter dismissed the claim, filing a lawsuit to force the deal to move forward, saying it believed Musk wanted to pull out of the deal due to deteriorating market conditions. The company has long stated that it considers about 5% of the accounts on its platform to be fake.
“Musk gives no reason to believe that the discovery should be so extensive that the test should be delayed until next year,” Twitter said on Monday. The company added that Musk’s focus on bots and spam accounts was just a “sideshow” allowing him to delay the lawsuit.
Musk dismissed calls for a speedy legal action, with his lawyers saying the reality behind the site’s spam accounts “is fundamental to Twitter’s value.” Instead, his team suggested a date in February.