Lawyers for DOGE adored Elon Musk filed suit in Delaware Chancery Court on Friday. He described Twitter’s request to expedite the case as an “unfair demand”. Tesla CEO Elon Musk claims that a “short trial request” in the next two months is impossible as the case will be complex and technical. The value of Dogecoin (DOGE) plummeted after the news that Musk was suing. Here are the details…
Elon Musk sues Delaware Chancery Court
Musk is seeking a lawsuit on or after February 13, 2023 that balances the interests of both parties and the court. According to the July 15 deadline, Elon Musk opposes Twitter’s move to step up legal proceedings in September. He claims his $44 billion merger lawsuit, which will be prosecuted within two months, should be dismissed.
Twitter sued Elon Musk on Tuesday for allegedly violating the agreement based on his inability to find a bot or spam account on Twitter. Twitter has filed a request to expedite the case. He asked the court to order Musk to complete the deal at the agreed price of $54.20 per share. Elon Musk’s latest move marks a long and massive legal battle between the two giants. In fact, Musk asked the court to adjourn the case until February next year, based on the complexity and technical aspects of the case. Specifically, he pointed to bots and spam accounts that determine Twitter’s true value.
It also argues that Twitter’s request to expedite the case was based on the October 24 termination date in the purchase agreement. However, the date automatically stays if one of the parties sues. Interestingly, the financing package for the acquisition expires in April 2023. This means the deal may expire if the purchase is not completed by the deadline. Twitter’s share price rose 4 percent to $37.74 on Friday. This is still below the $54.20 price in the deal, as we have reported as Kriptokoin.com. Wall Street experts do not believe the deal will happen at the agreed price and is subject to renegotiation.
Dogecoin price drops
In an SEC filing Friday, Twitter’s board recommends that shareholders approve the merger deal that is in the best interests of Twitter and its shareholders. Shareholder acceptance of the deal remains the final step of the deal. However, the reactions from shareholders seem mixed. Shareholder approval remains a critical factor in closing the deal.
Dogecoin (DOGE) has fallen after the latest developments in Elon Musk’s case. DOGE is changing hands at $0.0619, down 2.2 percent at the time of writing. DOGE hasn’t been doing too well for the past 7 days either. It has lost 10.9 percent for a week.
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