Elon Musk is frolicking in Greece on a summer vacation even while locked in a legal battle with Twitter after dumping his $44 billion acquisition plan.
, accusing him of refusing "to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests."
"Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away," the lawsuit states.
Twitter had requested the trial be expedited to September because the merger agreement has a "drop dead" date of Oct. 24. The trial will take place over the course of five days, longer than the four days Twitter had requested but shorter than the two weeks Musk had requested. Under the agreement reached in April, Musk pledged to purchase and take Twitter private at $54.20 per share. Musk previously committed $33.5 billion in equity financing for the deal, with the remainder being funded through a debt financing package committed by banks. The debt financing package is set to expire on April 25, 2023.
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