Twitter Lawsuit Halted So Elon Musk Can Close Deal By 28th OCT.
The famous and richest businessman and owner of Tesla, Co., Elon Musk, is going for a deal to purchase the popular social media platform, Twitter.
Twitter’s Lawsuit Halted:
According to the reports and sources that are circulating on the internet and social media, it tells that Twitter’s lawsuit is halted right now. It is halted because Elon Musk is looking forward to securing the deal by the 28th of October. Back in April, the world’s richest man made it to headlines that are looking forward to purchasing the social network platform Twitter.
Delaware Chancery Judge Kathaleen St. J. McCormick said that if the transaction isn’t done by 5 PM on the 28th of October, there will be a new set of trial dates in November. There was an order that was issued on Thursday.
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As per the sources, the ruling hands asked the judge to pause Twitter’s lawsuit against Elon Musk ahead of the 17th October trial date. However, it also gives a deadline to Elon Musk by which he has to make good on his April agreement to pay a whopping $54.20 a share. It was an obligation that he previously tried abandoning. The shares in San Francisco-based Twitter started to rose as much as 3.5% in late trading after the judge’s ruling. It was a sign of optimism that the order gave Twitter some of the certainty that it was seeking.
Talks started between both parties, and Musk asked them to pause the hearing. He said that the media company ‘would not take yes for an answer after his proposal for the deal on the 3rd of October letter. His lawyers targeted the date of the 28th of October for the closing. Twitter objected to the request and said Musk ‘can and should’ close the deal in the coming week.
There were talks between the two sides which had snagged after Elon Musk said that his offer was now contingent on receiving $13 billion in debt financing. Musk further said Twitter was resisting halting court proceedings based on the ‘theoretical possibility of a future failure to obtain the debt financing.’
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A little about Twitter:
Twitter is a social media platform that lets you interact with your friends and family. You can tweet anything you like. Celebrities, athletes, and many others have verified Twitter accounts that you can follow. Twitter has millions of users who use the platform on a monthly basis.
