- Elon Musk filed an appeal to stop the court battle against Twitter.
- Musk, after trying for months to backtrack, sent Monday night a letter in which he agreed to the $44 Billion deal.
- Musk’s lawyer claimed that Twitter offered him a discount but that he refused it due to additional stipulations by the company.
Elon Musk’s legal team filed an objection to Twitter’s lawsuit against it. They stated that the deal would close on October 28 or sooner.
“Twitter won’t take no for an answer. They insist on continuing with litigation, putting the deal at danger and gambling with the stockholders’ interest, which is quite astonishing,” reads the court filing. “Proceeding towards trial is not just a waste of time and judicial resources, but it will also hinder the parties’ ability close the transaction.
Musk’s legal team filed the stay motion just a few days after the billionaire. sent a letterAccording to him, he would acquire the company at its original cost if Twitter resolved the court battle.
Insider previously heard from a Twitter spokesperson, that the company received the letter. The company plans to close the transaction at the original purchase amount. The social media company has not yet accepted the offer.
Musk’s personal attorney Alex Spiro of Quinn Emanuel Urquhart & Sullivan said the Tesla CEO filed the motion to stay because Twitter executives and board members are “acting against the interest of shareholders.”
Insider was told that although they offered a discount, they also attached all sorts of conditions so we refused to accept it. Musk is now giving shareholders the price they want. They want the carrot, but not the stick.
Musk filed a court document stating that the deal has been delayed by Twitter’s “baseless speculation”, which suggested that billionaire Musk’s debt financing would not go through. He also stated that the debt financing parties “are ready to honor its obligations.”
The judge in charge of the case stated in court filings that the case would continue as is. The lawsuit will go to trial for five days on October 17, and Musk was due to be deposed in the following weeks. Twitter however agreed to delay Musk’s deposition while it negotiated his new offer.
