Elon Musk ordered to close Twitter deal by October 28
Elon Musk has finally been granted his wish. The Musk v/s Twitter trial will not take place on October 17. Judge Kathaleen St. Jude McCormick has agreed to reschedule the trial upon Musk's request. There is one catch, though. The Tesla CEO has to close the $44 billion deal with Twitter by October 28. If not, the trial will begin in November.
Why does this story matter?
- Musk v/s Twitter isn't just any trial. This real-life saga can easily beat any reel-life courtroom drama.
- The request to suspend the trial could be an attempt to save Musk from the threat of testifying under oath about his claims that Twitter fraudulently misled him regarding bot accounts.
- Also, do they have the financing? Musk says so. We'll soon see how true that is.
Musk requested the court to reschedule the trial
After trying very hard to get out of the deal with Twitter, Musk suddenly had a change of heart recently. But one of the biggest U-turns in business history wouldn't have been complete until the fast-approaching trial was halted. The billionaire, therefore, requested the Delaware Chancery Court to halt the trial so that he can complete the deal.
Musk believes that deal will go through by October 28
In court, Musk submitted that he needs time to finance his $44 billion (roughly Rs. 3,60,300 crore) takeover of Twitter. The letter from Musk's team said that they expect the acquisition to go through by October 28. It seems that Judge McCormick paid heed to Musk's team's request. She has allowed him time till October 28 to complete the acquisition of the microblogging platform.
Twitter does not trust Musk's promises
Musk's request to halt the trial was not readily accepted. The judge said that such a decision required both parties' approval. As expected, Twitter did not agree to Musk's proposal. The company said that the move to suspend the litigation is "an invitation to further mischief and delay." The company said that it did not trust that the offer would come through.
'Defendants can and should close the deal next week'
In his submission, Musk said that Twitter "will not take yes for an answer." He said that the company has concerns about the "theoretical possibility of the payment not coming through." Twitter, on its part, said that the "defendants can and should close the deal next week." It wrote, "until defendants commit to close as required, Twitter is entitled to its day in court."
Trial will restart if Musk doesn't fulfill his promise
It seems that Twitter finally came around to Musk's proposal to suspend the trial until October 28. The judge's promise to restart the trial in November if Musk doesn't come good on his promise should have calmed the social media company's nerves. We'll hear more about this saga in the coming days as we embark on the beginning of the end of this deal.