NEW: ElonMusk vs. Twitter trial to proceed as planned despite offer, judge rules
Delaware Court of Chancery Chancellor Kathaleen McCormick said in a Wednesday ruling that she intends to move forward despite Musk informing Twitter that he would follow through with his purchase of the company for the original price of $54.20 per share after months of attempting to get out of the deal by accusing Twitter of fraud and deception.McCormick noted that Twitter and Musk's legal teams"have not filed a stipulation to stay this action, nor has any party moved for a stay.
Musk sent a letter to Twitter on Monday night, informing the company that he would reverse course and go through with the purchase. Twitter quickly responded, stating on Tuesday that it would agree to accept the deal. In his letter, though, Musk said that Twitter would need to move for an end to the trial before the sale could go through at the agreed-on price.
Musk's legal team has spent the last few months arguing that Twitter lied about the number of spam bots on its platforms. In contrast, Twitter claimed that Musk had pulled out of the deal after seeing Tesla stock diminish in value. These legal battles have revealed several details about Musk's decision-making, including his fixation on free speech and a flippant approach to the purchase. Musk's researchers were also unable to substantiate Musk's claims about bots, according to recently released court filings.A majority of Twitter's shareholders voted in favor of Twitter's board of directors approving the deal on Sept. 13.
However, Twitter's employees have been hesitant to support Musk's takeover. Several employees have voiced support for leaving the company.
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