Judge halts Twitter v. Musk case, gives parties till October 28 to reach agreement
A trial that was initially slated to start in 11 days may be rescheduled for next month if an agreement is not made, according to Judge Kathaleen McCormick, who was responding to Musk's request to freeze the lawsuit, which drew a scathing reply from Twitter.
The parties have until October 28 to complete the on-again, off-again megadeal after a US judge on Thursday temporarily halted the litigation in the Elon Musk's proposed $44 billion acquisition of Twitter dispute.
A trial initially slated to start in 11 days may be rescheduled for next month if a solution is not concluded, Delaware Judge Kathaleen McCormick said in ruling on Musk's motion to freeze the lawsuit, which drew a scathing reply from Twitter.
The parties are instructed to email me that evening to request trial dates for November 2022 if the deal does not close by 5 p.m. on October 28th, 2022, according to McCormick's order.
The action provides some time for a potential reconciliation between the parties, who have been at odds since since Musk signed a deal in April to buy the powerful social media platform for $54.20 per share.
The unpredictable Tesla CEO made a U-turn on Tuesday, reviving his $44 billion takeover plan on the condition that the Delaware court stop the lawsuit against him. Musk was facing a trial date of October 17 for Twitter's breach-of-contract suits against him.
Musk's demands on the freezing of the litigation were not addressed in Twitter's statement on Tuesday, which stated that it expected to close the purchase deal at the $54.20 price.
Twitter said in response to Musk's assertions that neither the businessman nor the merger agreement made any reference to the phoney account when the businessman offered to purchase the site.
Musk announced on Wednesday that he was purchasing Twitter to hasten the development of 'X, the everything app.' An online programme that provides a variety of services, such as messaging, social networking, and online payments, is referred to as a 'everything app.'