Elon Musk seeks stay of Twitter litigation for October 28th deal close

world
Elon Musk Seeks Stay Of Twitter Litigation For October 28Th Deal Close Elon Musk Seeks Stay Of Twitter Litigation For October 28Th Deal Close
"As a result there is no need for an expedited trial to order defendants to do what they are already doing, and this action is now moot," said the filing.
Share this article

By Tom Hals

Elon Musk requested a judge stay his litigation with Twitter Inc pending the receipt of financing for the $44 billion deal, which he said is expected to close on or around October 28th, according to a court filing.

"As a result there is no need for an expedited trial to order defendants to do what they are already doing, and this action is now moot," said the filing.

A five-day trial is scheduled to begin October 17th and Mr Musk was scheduled to be deposed on Thursday, although the parties mutually agreed to postpone his interview, sources told Reuters.

Mr Musk said lawyers representing the debt financing parties have reassured him that they are prepared to honour their obligations, according to the filing.

Proceeding with a trial could drag out payment to Twitter's shareholders by months, the filing said.

Advertisement

"Twitter will not take yes for an answer. Astonishingly, they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders’ interests," the filing said.

After spending months in a high-stakes court battle to get out of his April agreement to buy the social media company, Mr Musk reversed course on Monday and offered to close the deal at the original price of $54.20 per share.

However, Mr Musk's offer on Monday was conditioned on the receipt of debt financing and on Twitter ending litigation.

Read More

Want us to email you top stories each lunch time?

Download our Apps
© BreakingNews.ie 2022, developed by Square1 and powered by PublisherPlus.com