Twitter’s lawsuit to force Elon Musk to complete its $44 billion buyout bid is due to go to court Oct. 17, a US judge has ordered, in a case with big stakes for both sides.
The trial is scheduled to open in a court in eastern Delaware and last five days to decide whether Musk can back out of the deal.
The Tesla CEO wooed the Twitter executive with an offer of $54.20 per share, but then announced in July that he was “terminating” their agreement amid allegations the company held him in relation to misled their list of fake and spam accounts.
Twitter has countered that Musk has already agreed to the deal and cannot resign now.
An order from the judge handling the case, Kathaleen McCormick, sets an expedited timeline to resolve a dispute that has left Twitter in limbo.
She reminds both sides that they “must cooperate in good faith” on matters such as sharing information between each other, a key issue that can cause delays.
Billions of dollars are at stake, as is the future of Twitter, which Musk says should allow any legal speech — an absolutist position that has raised fears the network could be used to incite violence.
Twitter blamed “headwinds” for last week’s disappointing results, including uncertainty imposed on the company by Musk’s messy takeover bid.
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