Judge halts Elon Musk-Twitter litigation to allow time to finance $44bn takeover

3 months ago 18

A Delaware justice has ordered a halt to litigation betwixt Twitter and Elon Musk to springiness the billionaire clip to concern his $44bn takeover of the societal media platform, according to a Thursday tribunal filing.

The litigation was halted until 28 October to let Musk to concern the deal.

Judge Kathaleen McCormick said if the woody did not adjacent by her deadline the parties were to interaction her to docket a November trial.

Musk was scheduled to spell to proceedings connected 17 October.

The determination marked different time of play for the Twitter takeover saga.

In a filing astatine the Delaware tribunal of chancery earlier connected Thursday, Musk’s representatives had argued the woody could adjacent connected oregon astir 28 October without a trial. The alternative, the filing added, was a deal-closing process that could instrumentality months – adjacent if the proceedings goes up and Twitter wins.

Later successful the day, Twitter from its broadside had demanded its “day successful court”. In its response, the institution said the obstacle to putting disconnected the proceedings was that Musk is inactive refusing to judge his “contractual obligations”.

Twitter said that arsenic portion of his renewed offer, the Tesla CEO was asking to reserve the close to resurrect a suit against the institution if the closing does not happen.

More details soon