Case suspended to complete Twitter acquisition deal
Elon Musk , who is in the first place on the list of the richest people in the world , requested that the hearing be postponed to ensure a compromise on the deal he renewed for Twitter earlier this week.
Delaware Chancery Court Judge Kathaleen St. Jude McCormick reported that the case was adjourned until October 28 to allow the parties to complete the purchase.
McCormick instructed the parties to contact their cat to get a new lawsuit date in November if the purchase is not completed by that date.
The decision in question was interpreted as a win for Musk, who requested that the lawsuit filed by Twitter be stopped.
Musk told the court on Thursday that the banks were working to finance the deal, but he needed more time. Twitter, on the other hand, opposed Musk’s request.
TWITTER LAUNCHED MUSK
Elon Musk, who previously bought a 9.2 percent stake in Twitter, made an offer of $54.2 per share for the entire Twitter, in his notification to the SEC on April 14. In the statement made on April 25 on Twitter, it was reported that the agreement was reached for the sale of the company to Musk.
Musk announced on May 13 that the deal to buy social media company Twitter for approximately $44 billion was temporarily suspended. Elon Musk, on his Twitter account regarding the reason for the suspension of the agreement, stated that “details of calculations are expected, since spam and fake accounts make up less than 5 percent of total users.”
On July 8, Elon Musk announced that he had terminated the agreement to buy Twitter, citing the violation of multiple provisions. Musk’s lawyers stated in a statement to the SEC that Twitter did not respond or refused to respond to multiple requests for information regarding fake or spam accounts on the platform, which is important to the company’s business performance.
Twitter, on the other hand, sued Musk for terminating the deal, and the case was expected to begin on October 17.
However, Musk sent a letter to the social media company Twitter, to which he is the defendant, to complete the $44 billion acquisition deal, and re-bid at the initial price.PauseUnmute