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Home Acquisition

Twitter’s lawsuit has been halted in order for Elon Musk to complete the transaction by October 28

Tech Gist Africa by Tech Gist Africa
10/14/2022
in Acquisition, The Big 5, World News
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A judge in Delaware has temporarily halted Twitter’s lawsuit against Elon Musk, allowing Musk more time to secure funding for his $44 billion acquisition of the company. 

In the ruling, the judge stated that a trial would be set for November if Musk did not meet the deadline of October 28 at 5:00 p.m. (EDT). 

In a statement, Twitter said, “We look forward to finalizing the deal at $54.20 by October 28th.” 

The decision ended days of speculation about Musk’s intentions. It eliminated the possibility that the businessman would have to appear under oath this week over his allegations that Twitter misled him. 

Musk’s trial was set to begin on October 17. 

As Twitter explained in a previous court filing, Musk’s idea is “an invitation to more mischief and delay.” 

On the premise that the acquisition could get debt financing, Musk stated this week that he would buy Twitter at the $54.20 per share price he had previously committed to in April. 

That was a turning point for Musk, who had been fighting Twitter in court for months to get out of the agreement. 

Among other things, he said Twitter was misleading about the number of its actual users. 

Although Twitter’s stock closed the day down 3.7% at $49.39, investors looked reassured in the extended session, sending the stock up 1.0%.

 

Read more on Tech Gist Africa:

Elon Musk is officially purchasing Twitter

Elon Musk wants to cancel the $44 billion Twitter deal, but Twitter says it will compel him to proceed with the deal.  

Elon Musk steps down from joining Twitter’s board of directors

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Tech Gist Africa

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Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

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