Twitter Wins Expedited Trial in Musk Merger Termination Suit
2022.07.19 21:05
Twitter (TWTR) Wins Expedited Trial in Musk Merger Termination Suit
By Investing.com Staff
Twitter (NYSE:TWTR) shares jumped higher after a Delaware judge said she would allow the company to have an expedited trial in its merger termination suit against Tesla (NASDAQ:TSLA) CEO Elon Musk.
Delaware Court of Chancery chancellor Kathaleen McCormick ruled in favor of Twitter via a teleconference hearing on Tuesday.
Twitter is suing Musk for terminating his agreement to purchase the company for $44 billion. Musk cited a “material breach” for dropping the takeover, which Twitter has denied.
A trial date is now set for October.
Shares of Twitter last traded up 4% to $40 per share, still well below the $54.20 per share agreed-upon deal price.
