The Twitter vs. Elon MuskNow, the trial is suspended while both sides try to negotiate a deal that will allow Musk to purchase the social media firm. On Thursday, Judge Kathaleen St. Jude McCormick, Chancellor of Delaware’s Chancery Court, StayedFollowing a motion by Musk’s lawyers, the trial was extended to October 28th. Get off the phone The trial.
However, if the two sides aren’t able to close by the end of the month, a trial could be back on. “If the transaction does not close by 5 p.m. on October 28, 2022, the parties are instructed to contact me by email that evening to obtain November 2022 trial dates,” McCormick wrote.
This stay came less than two weeks prior to the five-day trial, which was due to start on May 1, and on the day Musk was to be deposed in this case. It’s the latest sign that Musk and Twitter are moving closer to a deal. Musk stated earlier this week that he would. We agreeTo a deal at $54.20 per share as long as he has finalized his financing, and the trial is not rescheduled. Twitter confirmed that it would close the deal according to its original terms.
The details of the agreement have been an issue between the sides since then. Bloomberg reportedMusk desired a provision that would allow him to sue Twitter for bots. The New York Times reported Twitter didn’t want to call off the trial until its shareholders had been Paid.
Musk’s lawyers alluded to the disagreements in their filing, writing that “Twitter will not take yes for an answer,” claiming the company was endangering the deal. McCormick didn’t weigh in on the disagreement, though she noted that Twitter has opposed Musk’s motion to stay the trial.
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