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%.
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