Musk gets deadline: Suspended lawsuit over Twitter acquisition dispute

After months of struggling, Elon Musk this week completed a U-turn in the Twitter acquisition controversy. Short messaging wants to stick to a planned process. The competent court now speaks a word of power.

There are currently no lawsuits pending after Elon Musk’s surprise turnaround in the Twitter acquisition controversy. Delaware Supreme Court Chief Justice Kathleen McCormick struck down the October 17 trial.

At the same time, he gave Musk a deadline: If the tech billionaire doesn’t have his purchase of the short messaging service under wraps by October 28, a process will take place in November, McCormick explained.

face about musk

Earlier in the week, after a lengthy dispute, Musk agreed to buy the short messaging service for $44 billion. They made it necessary that they get time to finance and postpone a further trial in the matter.

In April he initially announced plans to take over, only to backtrack. He justified this by saying that Twitter underestimated the number of fake accounts on its platform, which could potentially have an impact on ad revenue.

Musk also tweeted that the social media company is not living up to its potential as a free speech platform. San Francisco-based Twitter went to court in July to force the Tesla boss to honor the April agreement.

dispute not resolved yet

Despite Musk’s recent face-off, the dispute between the two sides continues. Twitter formally asked Judge McCormick on Thursday to stick to the October 17 hearing date. Because the billionaire refuses to comply with the “contractual obligations” from the April Agreement.

The company said Musk should have targeted the deal by next Monday. “But they don’t. Instead, they refuse to commit to a deadline,” Twitter attorney Kevin Shannon said in a letter. “They are seeking an open-ended exit at the expense of Twitter shareholders (who are owed more than $44 billion in interest) while fighting to get them (Musk’s team) to change their mind or exit. Giving freedom to invent new causes. Contracts.”

In return, Musk’s lawyers accused Twitter of not accepting his client’s new offer. The court should therefore halt the ensuing trial, he wrote in a motion filed with the Chancery. Twitter denied the allegation that it did not accept Musk’s new offer.