Twitter is suing Elon Musk in an attempt to force completion of his initial agreement to purchase the social media giant for $44 billion — at a price of $54.20 a share — and is taking the SpaceX CEO to a special court to get it done.
Delaware’s Court of Chancery will be the site of the legal showdown and is known for taking up “high-stakes” business cases, according to The Independent.
It is a setting known for being “small but powerful,” the article added. Lawyers on both sides are scheduled for their first hearing on Tuesday before the court’s Chancellor, Kathaleen St. Jude McCormick.
Musk, the world’s richest man, tried to back out of the deal already, alleging that Twitter failed to reveal the true number of bot accounts on the platform. He also accused the company of breaching the agreement by firing high-up managers and large amounts of employees.
Twitter responded by saying the tech oligarch is trying to exit the deal due to decreased market conditions.
Musk had planned to purchase Twitter using his stock in Tesla — However, since the deal’s conception, his Tesla share value has reportedly decreased by over $100 billion.
Following the social media company’s plans to sue him, Musk fired back at Twitter by posting memes to his own account referencing the lawsuit.
With Musk’s response, it appears he has planned for this type of scenario and is now waiting with his lawyers to see what the final outcome will be.
Twitter’s attornies have pushed for an expedited trial, in the hopes that it will start on September 19th and only last four days.