Judge in Twitter v. Elon Musk postpones trial to October 28th

The Twitter v. Elon Musk trial is now on hold as the two sides work to hammer out a deal for Musk to complete his buyout of the social media company. On Thursday, Judge Kathaleen St. Jude McCormick, Chancellor of Delaware’s Chancery Court, stayed the trial until October 28th, following a motion from Musk's lawyers to call off the trial.

However, if the two sides aren’t able to close by the end of the month, a trial could be back on. “If the transaction does not close by 5 p.m. on October 28, 2022, the parties are instructed to contact me by email that evening to obtain November 2022 trial dates,” McCormick wrote.

The stay comes less than two weeks before the five-day trial was scheduled to begin, and on the same day that Musk was scheduled to be deposed in the case. It’s the latest sign that Musk and Twitter are moving closer to a deal. Earlier in the week, Musk said he would agree to a deal at the original price of $54.20 a share, provided he finalized his financing and that the trial was adjourned. Twitter also confirmed it wanted to close the deal on its original terms.

But since then the two sides have still been arguing over the particulars of the arrangement. Bloombergreported Musk wanted a provision that would still allow him to sue Twitter over the number of bots on the platform, while The New York Times reported Twitter didn’t want to call off the trial until its shareholders had been paid.

Musk’s lawyers alluded to the disagreements in their filing, writing that “Twitter will not take yes for an answer,” claiming the company was endangering the deal. McCormick didn’t weigh in on the disagreement, though she noted that Twitter has opposed Musk’s motion to stay the trial.

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Karissa Bell

The Twitter v. Elon Musk trial is now on hold as the two sides work to hammer out a deal for Musk to complete his buyout of the social media company. On Thursday, Judge Kathaleen St. Jude McCormick, Chancellor of Delaware’s Chancery Court, stayed the trial until October 28th, following a motion from Musk's lawyers to call off the trial.

However, if the two sides aren’t able to close by the end of the month, a trial could be back on. “If the transaction does not close by 5 p.m. on October 28, 2022, the parties are instructed to contact me by email that evening to obtain November 2022 trial dates,” McCormick wrote.

The stay comes less than two weeks before the five-day trial was scheduled to begin, and on the same day that Musk was scheduled to be deposed in the case. It’s the latest sign that Musk and Twitter are moving closer to a deal. Earlier in the week, Musk said he would agree to a deal at the original price of $54.20 a share, provided he finalized his financing and that the trial was adjourned. Twitter also confirmed it wanted to close the deal on its original terms.

But since then the two sides have still been arguing over the particulars of the arrangement. Bloombergreported Musk wanted a provision that would still allow him to sue Twitter over the number of bots on the platform, while The New York Times reported Twitter didn’t want to call off the trial until its shareholders had been paid.

Musk’s lawyers alluded to the disagreements in their filing, writing that “Twitter will not take yes for an answer,” claiming the company was endangering the deal. McCormick didn’t weigh in on the disagreement, though she noted that Twitter has opposed Musk’s motion to stay the trial.

https://ift.tt/HkhrUO6 October 07, 2022 at 12:26AM