A US judge in the Twitter-Elon Musk case has granted a stay of the trial, which is now suspended until October 28 as both sides deliberate on how to close the $44 billion acquisition deal.
Judge Kathaleen McCormick of the Delaware Court of Chancery in the US said that “the action will be stayed until 5:00 p.m. on October 28, 2022, to allow the parties to close the transaction.”
“If the transaction does not close by 5pm on October 28, 2022, the parties are requested to contact me by email that evening to obtain trial dates for November 2022,” sentenced Thursday afternoon.
The stay was granted over protests from Twitter lawyers.
“Now, on the eve of the trial, the defendants declare that they intend to close after all. ‘Trust us,’ they say, ‘this time we mean it,’ and so they ask to be released from ‘a bottom line’, on Twitter. attorney Kevin Shannon wrote in a letter to the judge.
Musk’s lawyers said that “Twitter won’t take yes for an answer. Shockingly, they have insisted on continuing this litigation, recklessly jeopardizing the deal and playing against the interests of their shareholders.”
Twitter has received a letter from Musk to go ahead with its original deal of $54.20 per share (or $44 billion).
In a new filing with the US Securities and Exchange Commission (SEC), Musk’s legal team has also asked the court to postpone the trial and all other proceedings.
Musk said: “Buying Twitter is an accelerator to build X, the app of everything. Twitter probably accelerates X by 3-5 years, but I could be wrong.”