A judge has delayed a trial between Twitter INC and Elon Musk, giving the Tesla CEO more time to close his $44 billion deal to buy the social media giant after months spent fighting to get out of the deal.
The world’s richest person had asked to halt the upcoming
Delaware court trial, where Musk could be forced to complete his April merger
agreement. Musk reportedly said he needed more time to get the financing in
order.
Chancellor Kathaleen St. Jude McCormick, head of the
Delaware Chancery Court, said that Musk and Twitter now have until October 28
to close the $44 billion deal. She also said that a trial set for October 17
will happen in November if they don’t complete the deal.
Twitter reportedly described Musk’s move to delay the trial
as “an invitation to further mischief and delay.” Twitter said in a statement,
“We look forward to closing the transaction at $54.20 by October 28th.” Musk
agreed to take over Twitter INC for a $44 billion deal, which means Musk agreed
to acquire the social media giant for $54.20 a share.
Musk’s legal team argued that Twitter was disagreeing with
the trial delay “based on the theoretical possibility” of Musk not coming up
with the financing order. Recently, Twitter disputed Musk’s claim that the
company was refusing to accept his renewed bid.
The Tesla CEO told Twitter earlier this week that he’s ready
to buy the social media company once again after trying to back out of the
deal, accusing it of giving false information about “spam bot” accounts on the
micro-blogging site.
Earlier, Musk's attorneys told the Delaware Chancery Court
that Musk wanted correct details about fake accounts on Twitter. However, the
social media giant said that Musk’s scepticism over Twitter's spam accounts
tally was baseless.
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