Twitter lawsuit halted allowing Elon Musk time to seal buyout by October 28
India Today
A district judge has ordered a halt to the Twitter litigation to give business magnate Elon Musk time to finance a buyout by October 28 evening.
A Delaware judge on Thursday ordered a halt to Twitter Inc's lawsuit against Elon Musk ahead of trial, giving the Tesla founder time to finance his $44 billion buyout of the social media platform.
The court order came after days of uncertainty about Musk's intentions and removed the threat that the erratic entrepreneur would have to testify under oath this week about his claims that Twitter misled him.
The judge's order said if Musk, the world's richest person, failed to close by her October 28 5 pm deadline, she would schedule a trial for November.
ALSO READ | Elon Musk says Twitter has refused to suspend litigation on buyout
“We look forward to closing the transaction at $54.20 by October 28th,” Twitter said in a statement. In an earlier court filing, the company urged the judge to reject the proposal, calling Musk's plan "an invitation to further mischief and delay."
Musk, chief executive of electric carmaker Tesla Inc, was scheduled to go to trial on October 17 and his Thursday deposition was postponed by mutual agreement.
Earlier this week, confirming business magnate Elon Musk’s buyout offer, Twitter said it intended to seal the deal at $54.20 per share. Twitter Investor Relations wrote, "We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share."
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