Court gives Elon Musk until October 28 to complete Twitter purchase
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The Delaware Court of Chancery, considering the lawsuit between billionaire Elon Musk and Twitter, decided on Thursday that Mr. Musk must complete the acquisition of the platform by October 28 if he wants to avoid litigation. This decision is due to the fact that a few days ago, Mr. Musk made a second offer to buy Twitter.
First time parties agreed about the deal in April. Soon, Mr. Musk had complaints about the service – in his opinion, Twitter did not give him complete information about the number of bots and spam accounts on the platform. Because of this, Mr. Musk wanted to break the deal. As a result, Mr. Musk and Twitter filed claims to each other. However, on Tuesday became knownthat the billionaire again offered the management of the service a deal on the same terms as in April, and asked to stop the trial.
The first hearing in the case took place on Thursday. Musk’s lawyers in court urged Twitter to reschedule the court hearing to October 17 so that the billionaire can raise the funding needed to pay for the deal and complete it. According to his lawyers, Twitter has not yet responded to his offer to buy. A Twitter statement read in court said that Mr. Musk and his lawyers were dishonest when they said they wanted to close the deal just days before the trial. According to Twitter, this “offer is an invitation to further abuse and delay,” and he refuses to withdraw the lawsuit. The judge decided to postpone the hearing and gave Mr. Musk time until October 28. If he doesn’t negotiate a deal by then, he’ll have to face trial.
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