Twitter, Elon Musk’s trial to proceed as planned, filings show

According to a Wednesday filing from Chancellor Kathaleen McCormick, Twitter and Elon Musk'sMusk's trial over Tesla chief executive's attempt to walk away from his $44 billion acquisition of the social media giant will proceed as planned.

On Tuesday, Musk sent a letter to Twitter saying he intends to proceed with his original agreed to by the parties in April. The letter stated that the move depends on receipt of the deal's debt financing and provided the Delaware Court of Chancery with a warrant against him and adjourns the upcoming legal trial.

A Twitter spokeswoman told FOX Business on Tuesday that it had received Musk's letter and reiterated the company's intention to close the transaction at $54.20 per share.

The parties have not filed a stipulation to stay the action, nor has any party moved for a stay, McCormick wrote. I will continue to press on toward our trial set to begin on October 17, 2022. ACCELERANT Musk alerted Twitter in July that he was saying that the company breached its obligations by misrepresenting the number of spam and fake accounts on the platform. There are less than 5% of the total users of Twitter, according to the statistics.

In a lawsuit against Musk, he accuses him of refusing to honor his obligations under the agreement because the deal he signed no longer serves his personal interests. Musk went on to file a countersuit, which included allegations from the former security chief and former security chief Peiter Mudge Zatko.

The latest filing comes ahead of Elon Musk'sMusk's rescheduled deposition which is currently scheduled to take place on October 6 and 7.

Musk had requested that the deposition be moved from Sept. 26 and 27 due to concerns about one of Twitter's attorneys' exposure to COVID - 19. In a court filing, Twitter said the examining attorney did not exhibit any COVID- 19 symptoms and has repeatedly tested negative.

The deal with Musk was announced in September. Twitter shares have gone up about 20% year to date as of the time of publication.