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U.S. judge refuses to delay hearing in Musk-Twitter takeover dispute

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  • 2022-09-08 13:59:00
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  local time on Wednesday, a US judge ruled that Elon Musk (Elon Musk) can use a whistleblower in his acquisi...

  local time on Wednesday, a US judge ruled that Elon Musk (Elon Musk) can use a whistleblower in his acquisition dispute with Twitter. charges, but the court date of the case cannot be postponed.

  "I believe that even a four-week delay has the potential to hurt Twitter further," Delaware Chancery Judge Kathaleen McCormick said. She reiterated that the case will go to trial next month.

  Twitter shares rose 6.6% in regular trading on the New York Stock Exchange on Wednesday to close at $41.20.

  "We hope that winning this additional motion will bring us one step closer to the truth in court," Alex Spiro, an attorney representing Musk, said in a statement.

  Delaying the five-day trial would allow Musk to investigate allegations by whistleblower Peiter Zatko, Musk's lawyers said Tuesday. Zatko alleged that Twitter hid the company's shortcomings in security and data privacy.

  In his original lawsuit against Twitter, Musk said the company was misleading about the extent to which its platform was flooded with spam and bot accounts.

  Musk wants to walk away without paying a $1 billion breakup fee, but legal experts say that won't be easy. However, when Zatko's allegations against Twitter were made public last month, they provided Musk with new evidence.

  "We look forward to appearing in court starting October 17 and hope to complete the transaction at the price and terms that Musk previously agreed to," a Twitter spokesperson said in a statement.

  Twitter sued the Tesla CEO in July, hoping he would buy the company for $54.20 a share, as agreed in April. Twitter believes that after the deal was signed, with the global situation and high inflation in the United States, the market was turbulent, making Musk lose confidence in the deal.

  Late Wednesday, McCormick asked Musk and his wealth manager, Jared Birchall, for cellphone records that would help Twitter confirm that Musk was indeed, as it said, not sending the transaction at a critical time. related information.

  McCormick called the information Musk provided to Twitter in the lawsuit "clearly flawed."

  During Tuesday's hearing, Twitter's lawyers read a text message from Musk. The text, which came to light during the lawsuit, was seen by Twitter lawyers as a sign that Musk wasn't really concerned about spam accounts.

  In May, after Russian President Vladimir Putin warned the West about the Russia-Ukraine conflict, Musk sent a message to a Morgan Stanley banker that read: "If we're going to have a third world war, then It doesn't make sense for me to buy Twitter."

  According to the deal contract signed by the two parties, Musk can withdraw in rare cases, but war is explicitly excluded.


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