The Twitter vs. Elon Musk the process is now on hold as the two sides work to forge a deal for Musk to complete the buyout of the social media company. On Thursday, Judge Kathaleen St. Jude McCormick, Chancellor of the Chancery Court of Delaware, stayed the trial until October 28, following a request by Musk’s lawyers to cancel the trial.
However, if the two sides fail to conclude by the end of the month, the process could start again. “If the transaction is not completed by 5:00 p.m. on October 28, 2022, the parties are instructed to contact me by email that evening to obtain tentative dates for November 2022,” McCormick wrote.
The stay comes less than two weeks before the five-day trial was scheduled to begin and on the same day Musk was scheduled to be ousted in the case. It’s the latest sign that Musk and Twitter are closing in on a deal. Earlier in the week, Musk said he would agree to a deal at an initial price of $54.20 a share, provided he finalizes his financing and the process is delayed. Twitter also confirmed that it wants to close the deal on its original terms.
But since then, the two sides are still at loggerheads over the details of the agreement. Bloomberg reported Musk wanted a provision that would allow him to sue Twitter over the number of bots on the platform, while New York Times reported that Twitter did not want to cancel the process until shareholders did paid.
Musk’s lawyers referred to the disagreement in their filing, writing that “Twitter won’t take yes for an answer,” arguing that the company was jeopardizing the deal. McCormick did not comment on the disagreement, but noted that Twitter had resisted Musk’s proposal to halt the process.
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